You may have heard of the National Credit Act (NCA) of South Africa often used in the context of debt. So, to help explain this Act, we’ll discuss what exactly the NCA is and how it can help South Africans get out of debt. Why the National Credit Act Was Created Created in 2005, the…
As outlined in the National Credit Act, South Africans have certain rights to protect them from predatory lending practices. But what exactly are these practices and how do they hurt consumers? Today we’ll explain just that. Defining Predatory Lending In essence, it involves taking out a loan with conditions that unfairly impact the consumer, while…
“Prescribed Debt” is a legal term that is a little hard to define. Today we’ll clarify what this term means, how it works, and whether your debt falls within this definition. Defining Prescribed Debt This type of debt is codified in the Prescription Act. Essentially, debt legally expires after an uninterrupted period of three years…
It can be very stressful when taking on new debt, so it’s extremely useful to understand what types of debt there are. In this post, we’ll talk about these kinds of debt and what they mean to debtors. Secured and Unsecured Types of Debt One can break debt down into two categories: Secured and Unsecured….
You may have heard of registered debt counsellors before but not quite understand what they do and how their Debt Review services can impact you. Today we’ll discuss exactly what you need to know. What is a Registered Debt Counsellor? In essence, a debt counsellor is a trained financial professional who has completed the required…
Crippling Debt is something that can impact anyone. If you are one of the many South Africans who are over indebted, then you should read the following list of benefits you can take advantage of when applying for Debt Review. 1. Financial reliefDebt Review offers immediate financial relief by consolidating your monthly debt installments into…
Debt Review is still relatively new in South Africa. For years the only options for over indebted South Africans was Administration and Sequestration. Debt Review finally came into action in 2007 when the National Credit Act came into being. This gave South Africans peace of mind, knowing that there’s an alternative way for them to…
When you are over-indebted, there are many options for you to choose from to help you manage your debt more easily and eventually get out of debt completely. In this article, we’ll discuss the “Debt Review vs Consolidation” debate. People often use these terms in the same sentence, but while there might be some similarities,…
A few different and small monthly bills can add up to the point where you can no longer afford paying all your bills, and keeping up with your other monthly expenses. You probably have no idea how to get out of debt and live a debt free life again. Having too much debt later starts…
Debt is an age-old problem, but luckily we have a modern solution – a Free Debt Assessment. When a debt counsellor declares a South African as over-indebted, they can choose to have a debt review. They will enjoy benefits such as consolidated monthly debt repayments, protection from debt collectors, and lower interest rates. Debt review…
It is becoming easier to get unsecured loans for big amounts in South Africa. As the demand increases, more credit providers are advertising to the short term loan sector. This is good news for those of us who do not have assets to qualify for secured loans or if you just want a short term…
How much does a debt review cost? It’s actually more affordable than you think. The debt review process is there to help over-indebted South Africans and is therefore tailored to be affordable to those with the least expendable income. The National Credit Regulator instituted debt review as a means for any over-indebted South African to…