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Debt Review: Manoeuvring through the thorns

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In terms of Section 86 of the Act, an over-indebted individual may apply to be placed under Debt Review with Debt Review offering the following remedies:

  • Credit providers are unable to take legal steps against the consumer while under Debt Review.
  • Re-arrangements can be made regarding the manner in which payments must be made by the consumer and distributed amongst the affected credit providers.The consumer’s obligations can be re-arranged by extending the period of the agreement and reducing the amount of each payment due.
  • The Debt Counsellor may apply for certain credit agreements to be set aside or altered on the basis that they were recklessly provided.

Considering the current economic situation, Debt Review appears a marvellous idea, and in theory, one can obtain leeway in dealing with an intimidating amount of debt. However, it can also be an unopened parachute if one fails to pay attention to the detail and take the correct steps, leaving you dangling upside down in a thorn tree.

Many consumers fail to recognize that Debt Counselling is not a charitable service. There are specific fees which are applicable, and though they may seem insignificant, they can all add up. Failure to actively participate in one’s rehabilitation, research the options or consequences of certain decisions, make responsible changes to one’s lifestyle, or abide by the restructured agreement, can result in a substantial increase in your debt obligations. Accordingly, it is crucial that before starting a Debt Review process, you as consumer do the following:

  • Research debt counselling – read about it on the internet, ask Debt Counsellors questions, speak to acquaintances who have applied for Debt Review and in general acquaint yourself with the debt review process.
  • Change your lifestyle – shop at cheaper stores, cut down on luxuries such as satellite tv, alcohol, entertaining, and if necessary, even downgrade your vehicle or residence.
  • Ensure that your Debt Counsellor is registered with the National Credit Regulator.
  • Disclose all debt that you have to the Debt Counsellor, and ensure that you abide with the restructured payments and obligations placed on you. Failing to do so may result in a credit provider applying for the cancellation of your Debt Review.

In addition to the abovementioned, it is imperative that one knows and understands the effect of the fees that you will have to pay in terms of the Debt Review process. The fees are fixed in terms of the law, and if your Debt Counsellor is charging in excess of the set fees, one can report them to the National Credit Regulator or Credit Ombud, whose contact details are easily available online. The standard fees as of 2011, until such date as they are altered are the following:

  • Application fee is R50
  • Rejection fee is R300
  • Restructuring fee is capped at R3000 for a single application, and a maximum of R6000 for a joint application.
  • A monthly “care fee” is 5% on one’s monthly instalment for the first 24 months, and 3% thereafter, but capped at R400 per month.
  • A legal fee of R750 for the consent order which needs to be obtained in the Magistrates’ Court.
  • Should one withdraw from Debt Review after the restructuring process has begun, one is responsible for 75% of the restructuring fee.
  • And finally, the element that is often overlooked – is interest on these fees.

It is important to understand that applying for Debt Review is not in itself a total solution for your debt problems. It also asks of you to take responsibility in rehabilitating yourself, understanding the process and participating therein. A casual and irresponsible attitude may result in your debt increasing rather than decreasing and as reduced payments means the payment of debt over a longer period, a committed attitude for the long haul is essential to making the process work.

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Hoe om jouself te beskerm as jy geld leen

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Die Nasionale Kredietwet is ingestel en magtig die Nasionale Kredietreguleerder om alle krediettransaksies te reguleer. Alhoewel nie alle lenings as krediettransaksies kwalifiseer nie, reguleer die Nasionale Kredietwet baie lenings wat wel as krediettransaksies kwalifiseer. In sulke gevalle verskaf die Kredietwet heelwat regte aan die verbruiker en plaas wedersyds heelwat verpligtinge op die verskaffer van die krediet.

Die onderstaande regte moet in gedagte gehou word en kan tot u voordeel wees wanneer u oorweeg om ‘n lening aan te gaan:

  • Versoek bewyse dat die lener instansie geregistreer is as ‘n kredietverskaffer. ‘n Geregistreerde kredietverskaffer moet ‘n registrasie sertifikaat, asook ‘n identifiseringskaart deur die Nasionale Kredietreguleerder, tentoonstel.
  • Versoek voor-ooreenkoms state en kwotasies. Die Kredietwet vereis dat ‘n verbruiker ‘n voor-ooreenkoms staat en ‘n kwotasie moet ontvang voordat ‘n kredietooreenkoms met ‘n kredietverskaffer aangegaan mag word. ‘n Voor-ooreenkoms staat is ‘n dokument wat die terme en voorwaardes van die voorgenome kredietooreenkoms wat die kredietverskaffer met die verbruiker wil aangaan, uiteensit. Daarbenewens moet die verbruiker ‘n kwotasie gegee word wat die kostes van die verlangde krediet uiteensit. Hierdie kwotasie moet die hoofskuld, rentekoers, die totale verskuldigde bedrag, die paaiement en alle fooie, heffings en rentes insluit. Die kwotasie wat die verbruiker ontvang is vir vyf besigheidsdae geldig. Die kredietverskaffer is verplig om krediet te lewer volgens die kwotasie in hierdie tydperk.
  • Maak seker jy betaal nie meer rente en kostes as wat toegelaat word nie. Die Nasionale Kredietreguleerder het voorgeskrewe tariewe vir die verskillende tipes krediet afgekondig. Die kredietverskaffer mag nie meer hef as wat voorgeskryf word nie. Vir klein korttermyn lenings is die maksimum rentekoers vasgestel teen vyf persent per maand en die aanvangsfooi mag nie meer as R1000 wees nie. Vergewis uself van die vasgestelde rentes en fooie of besoek die Nasionale Kredietreguleerder se webtuiste by www.ncr.org.za.
  • Dring daarop aan om periodieke state te ontvang. Die Kredietwet skryf voor dat ‘n kredietverskaffer ‘n verbruiker maandeliks, of indien die ooreenkoms ‘n afbetalingsverkoop-ooreenkoms, huurkoop of versekerde lening is, elke twee maande van ‘n staat moet voorsien. ‘n Lang tussenpose mag met die toestemming van die verbruiker, toegelaat word. Sodanig tussenpose mag egter nie drie maande oorskry nie. In die geval van ‘n verbandooreenkoms, is die verbruiker geregtig op ses-maandelikse state.
  • Vroeë betalings en kreditering van betalings. Die Kredietwet bepaal dat ‘n verbruiker ‘n paaiement verskuldig onder ‘n kredietooreenkoms, vooruit kan betaal. Die kredietverskaffer mag nie weier om vroeë betalings te aanvaar, of die verbruiker penaliseer vir vroeë betalings nie. Indien die verbruiker betalings maak aan die kredietverskaffer wat nog nie verskuldig is nie, bepaal die Kredietwet dat die kredietverskaffer die betaling in die volgende volgorde moet verdeel –
    • Eerstens, om die rente betaalbaar in terme van die kredietooreenkoms te delg;
    • Tweedens, om enige fooie en kostes te delg;  en
    • Derdens, om die hoofskuld te verminder.
  • Indien u bedoeling met ‘n ekstra betaling is om die gelde teen die kapitaal te verreken moet u spesifiek die kredietverskaffer sodanig in kennis stel.
  • U het die reg om te kla. Indien u voel dat u enigsins benadeel word kan u ‘n klagte indien by die Nasionale Kredietreguleerder deur die volgende tolvrye nommer te skakel – 0860 627 627 of deur ‘n epos te stuur aan die Nasionale Kredietreguleeerder by complaints@ncr.org.za.

Dit is adviseerbaar om regsadvies in te win alvorens u ‘n lening met ‘n bank of alternatiewe kredietverskaffer aangaan. Sodoende kan u uself teen uitbuiting beskerm deur vas te stel of die spesifieke transaksie binne die omvang van die Nasionale Kredietwet val aldan nie en wat u regte en verpligtinge in terme van die voorgestelde ooreenkoms is.

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