Debtwise Services

Our Services

• Debt Counselling / Debt review:
• Sequestration
• Exit debt review within 21 days legally
• Employee Wellness Programs

Debt Counselling is a formal legal
process that provides for a consumer to be declared over indebted and for
the Debt Counsellor to negotiate a restructured payment plan and
obtain a court order confirming the new repayment plan.

The National Credit Act No.34 of 2005

The Act makes provision for the registration of debt-counsellors to assist over-indebted Consumers. The Act was passed into law by Parliament and signed by the President in March 2006.

This aims to protect Consumers taking credit or entering into Consumer credit transactions. In addition, The Act makes provision for the control and regulation of all credit transactions, including mortgages, credit cards, overdrafts, micro-loans and pawn broking transitions.

Benefits of Debt Review

• Debt free in ±5 years
• Protect Assets
• Reduce instalments
• Negotiate lower interest rates

Voluntary withdraw from Debt Review / Sec 88 (1):

Section 71(2)(b)(i) of the Act initially made provision for consumers to only exit debt review through issuance of a clearance certificate after they have paid all their re-arranged debts in full.

This provision will however change upon proclamation of the National Credit Amendment Act (NCAA) under section 71(1)

Demonstrated: (i) financial ability to satisfy the future obligations in terms of the re-arrangement order or agreement under-

  1. aa) a mortgage agreement which secures a credit agreement for the purchase or improvement of immovable property; or
    (bb) any long-term agreement as may be prescribed;
    (ii) that there are no arrears on the re-arrangement contemplated in subparagraph
    (i); and (iii)
    that all obligations under every credit agreement included in the re-arrangement order or agreement other than those contemplated in subparagraph
    (i), have been settled in full.

Voluntary Surrender ( Goods or cash):

  • When Debt Review is not a viable option
  • Can’t make your monthly payments
  • Removes garnishees and judgments
  • Stops legal action
  • You only pay per month for 18 months to a curator.
  • There will be a judgement on your credit report until rehabilitation is conducted and concluded.
  • Legal Costs @ R8000, 00 to start this process and then you only pay your contribution amount depending on your outstanding balance in form of instalments over a period of 18 months
  • Legal Costs can also be spread over 2 months @ R4000 per month and then the contribution instalment starts in month 3 for period of 18 months. The rehabilitation applications fees is separated from above.

Employee Financial Wellness

Staff wellness for companies concerned about their staff well being. Our program designed by financial industry experts, does not have to lead to debt counselling , but it educates your employees on healthy budgets and how to manage credit healthy.

When your employees are do not have to stress about their finances they can deliver more effective work performance and tend to have less sick days or leave days to sort out personal finance. We use multimedia presentation to present this wellness workshop at your location.