If you are over-indebted and falling behind with your debt repayments, debt review can protect your assets. This debt protection forms part of the National Credit Act. Credit providers cannot take legal action against you if you go under debt review. Zero Debt also consolidates all your debt into one monthly payment which is affordable based on your circumstances and reduces your interest rates.

Is debt review better than a consolidation loan?

You will not qualify for a consolidation loan if you are over-indebted. The only realistic & affordable way to prevent you from losing your assets is to go under debt review. Debt review can offer you immediate asset protection as per the National Credit Act and consolidate your debt into one affordable monthly repayment, reducing your monthly debt repayments & interest.

Is Zero Debt registered in accordance with the National Credit Act?

Yes, Zero Debt has been registered with the National Credit Regulator (NCR) since 2009. All our debt consultants are NCR-registered and have years of experience in advising consumers.

How does Zero Debt manage to lower my debt repayments? Why can’t I do it myself?

In terms of the National Credit Act, debt counsellors are allowed to lower your monthly instalments by extending repayment periods and lowering your interest rates. We have extensive experience in dealing with credit providers and can effectively restructure your debt repayments.

What are the attorneys appointed for?

Attorneys are appointed to obtain a court order that enforces your restructured debt arrangement plan on your credit providers, legally protecting you from termination of the agreement.

Will credit providers still debit my bank account?

When you apply for debt review, we notify your creditors to cancel your debit orders. We recommend opening a new bank account to prevent unauthorized debits.

Can I still rent a property if I am under debt review?

Yes, debt review is not classified as a credit agreement. We will include rent in your debt restructuring budget and provide a letter confirming your ability to pay rent.

What happens with my property bond if all my debt is paid off after I have completed the debt review term?

You can cancel the debt review process once all unsecured debt is paid off. If you cannot afford the full bond instalment, you can continue debt review until you are financially stable.

What costs will I incur by applying for debt review?

You will incur debt counselling fees and legal fees, which are regulated by the National Credit Regulator. These costs are incorporated into your debt restructuring plan, so no upfront fees are required.

Are there any accounts that do not get included?

Only credit agreements as defined in the National Credit Act are included. Doctor and cell phone accounts are excluded, as well as accounts where legal action has commenced.

What is unsecured debt?

Unsecured debt includes credit cards, personal loans, and store cards. It refers to debt that is not tied to an asset like a property or vehicle.

How does Zero Debt manage to lower my debt repayments? Why can’t I do it myself?

Debt counsellors under the National Credit Act can extend repayment periods and lower interest rates. Zero Debt has extensive experience in negotiating with credit providers, making it easier to restructure your debt.

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Frequently Asked Questions

Am I over-indebted?

If you are struggling to repay your debt, have fallen behind, or are at risk of falling behind, you may be over-indebted. Request a callback for a free debt assessment.

Is debt review the same as being put under administration?

No, administration applies to consumers whose total debt does not exceed R50,000. Debt review is usually faster and less costly, aiming for a debt-free status within 36-60 months.

How long will it take before I feel relief?

You will feel immediate relief. Within the first 5 days, we will work out a provisional repayment plan. During the first 60 working days, credit providers cannot implement legal action.

Will I be listed on ITC or the credit bureau?

You cannot be listed on ITC when under debt review. We notify the credit bureaus to flag your name, indicating that you are under debt review.

Can I apply for debt review if I am unemployed?

No, you need a monthly income to qualify for debt review. We suggest finding employment and then contacting us for assistance with your debt if you are over-indebted.

What is the term or period for this process?

We work out the best debt restructuring proposal, aiming to reduce interest rates and monthly debt obligations, enabling you to repay debt while covering living expenses.

Will my employer know I am under debt review?

No, your debt review application is treated as fully confidential. We will never contact your employer for any information or to confirm anything.

A credit provider has obtained a garnishee order against my salary. Can I include this account in my debt review application?

If a credit provider has already obtained a garnishee order, that debt cannot be included in your debt review. However, we can assist you in managing the rest of your debt more effectively.

If I am placed under debt review, will my credit providers still contact me?

Once you apply for debt review, we will notify your credit providers, and they are required to communicate with your debt counsellor, not with you directly.

Will I be required to go to court?

No, part of our debt review process is to obtain a court order on your behalf. Our nominated attorneys will handle this process for you, and you won’t need to attend court proceedings.