The implementation of the 2007 National Credit Act in South Africa paved the way for individuals living in the country struggling with credit problems. The NCA has had a profound effect on many role players in the credit industry, how credit or loans may be obtained, how consumers are protected from mindless loaning including the practical application of solutions to address the growing statistics of people buried in debts.
The NCA provides shelter for individuals seeking assistance to manage their unpaid debts. Through this government act, an individual can avail of remedies to his or her over-indebtedness and make rearrangements for payment obligations to be bearable.
The Debt Review Process
Here are some important thoughts about the debt review process from the Debt Counsellors Association of South Africa themselves:
Debt review is a debt relief solution that stemmed out from section 86 of the National Credit Act where the consumer applying for debt review can be declared over-indebted and have his or her payments rearranged in a bearable amount. For the consumer to be proven over-indebted, a debt counsellor make assessments on the consumer's monthly budget and his or her debt obligations. Once over-indebtedness is declared, the debt counselor sets payment proposals and forward them to credit providers for acceptance or rejection. If a proposal is rejected, the debt counsellor refers the matter to the Magistrates' Court who in turn decides on its acceptability.
In terms of the pre-amble and section 3 of the National Credit Act (NCA) the objective of consumer protection is specifically mentioned and, as set out in section 86 , the intention is to:
1. Provide the consumer with protection;
2. Provide the consumer with a second chance to stay part of the economy without having to go down the avenue of litigation, judgments and execution sales.
By undergoing the debt review process, you will still be able to meet your basic needs while paying off your debts. The Act upholds the right of every consumer in debt to still survive and have ample budget to provide for his or her personal needs and those of the family under the individual's care. Precisely the reason why a debt counselor reviews your income and expenditures along with the debt obligations due to you and make proposals to your creditor/s.
When in debt review, never forget that a payment proposal made by your debt counselor is still subject to your creditors' acceptance or rejection. Negotiations are a reality in any debt review process. For the whole process to run smoothly, voluntary cooperation by all parties is very necessary so stay in contact with your creditors and let them know you are in good faith to pay off your debts.
The financial stress of the present times in addition to continuous calls from credit providers pushes a person heavily in debt to contact a debt counselor. In many cases the consumer has waited too long already. Either they have made other loans to pay off their existing one, thereby worsening the situation, or they have not taken in the seriousness of the problem right at the outset until it became full-blown and uncontrollable.
So do not let your debt problems ruin everything in your life, including your sanity. The earlier you seek remedy, the better.
The NCA provides shelter for individuals seeking assistance to manage their unpaid debts. Through this government act, an individual can avail of remedies to his or her over-indebtedness and make rearrangements for payment obligations to be bearable.
The Debt Review Process
Here are some important thoughts about the debt review process from the Debt Counsellors Association of South Africa themselves:
Debt review is a debt relief solution that stemmed out from section 86 of the National Credit Act where the consumer applying for debt review can be declared over-indebted and have his or her payments rearranged in a bearable amount. For the consumer to be proven over-indebted, a debt counsellor make assessments on the consumer's monthly budget and his or her debt obligations. Once over-indebtedness is declared, the debt counselor sets payment proposals and forward them to credit providers for acceptance or rejection. If a proposal is rejected, the debt counsellor refers the matter to the Magistrates' Court who in turn decides on its acceptability.
In terms of the pre-amble and section 3 of the National Credit Act (NCA) the objective of consumer protection is specifically mentioned and, as set out in section 86 , the intention is to:
1. Provide the consumer with protection;
2. Provide the consumer with a second chance to stay part of the economy without having to go down the avenue of litigation, judgments and execution sales.
By undergoing the debt review process, you will still be able to meet your basic needs while paying off your debts. The Act upholds the right of every consumer in debt to still survive and have ample budget to provide for his or her personal needs and those of the family under the individual's care. Precisely the reason why a debt counselor reviews your income and expenditures along with the debt obligations due to you and make proposals to your creditor/s.
When in debt review, never forget that a payment proposal made by your debt counselor is still subject to your creditors' acceptance or rejection. Negotiations are a reality in any debt review process. For the whole process to run smoothly, voluntary cooperation by all parties is very necessary so stay in contact with your creditors and let them know you are in good faith to pay off your debts.
The financial stress of the present times in addition to continuous calls from credit providers pushes a person heavily in debt to contact a debt counselor. In many cases the consumer has waited too long already. Either they have made other loans to pay off their existing one, thereby worsening the situation, or they have not taken in the seriousness of the problem right at the outset until it became full-blown and uncontrollable.
So do not let your debt problems ruin everything in your life, including your sanity. The earlier you seek remedy, the better.
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