(Article Credit: Fin24)
A Fin24 user wants to know if it is advisable to cancel debt review and deal directly with creditors. She writes:
Is it advisable to cancel debt review and make own arrangements with creditors?
Incoming tags: debt review; debt counselling, sequestration
Wikus Olivier, a debt counsellor at DebtSafe, responds:
Depending on the situation, I would not advise cancelling your debt review.
By cancelling your debt review you will cause the accounts to revert back to the original interest rates and other contractual terms.
By cancelling the debt review, credit providers will also be able to institute legal action against you in order to recover any arrears.
If your reason for wanting to cancel is simply because of poor service from your debt counsellor, I would rather recommend that you transfer to a new debt counsellor.
If your reason for wanting to cancel is because you don't want to be in the process any longer, I would suggest that you be careful not to cancel prematurely.
Make sure that you bring your arrears up to date first and make 100% sure that you will be able to afford the original instalments and terms.
The aim is to get to a point of rehabilitation.
This point of rehabilitation can be when you have caught up all the arrears or when all your debt has been settled through the debt review.
Only by reaching this point of rehabilitation will you be able to get a clearance certificate that will restore your credit record.
By exiting prematurely, a clearance certificate cannot be issued and this will adversely affect your credit profile.
Like I said, if you cancel your debt review there is nothing that protects you any longer. Make sure that your matters are in place properly before you go ahead and withdraw from a debt review.
- Fin24
Comment by Eugene Prinsloo
Partner at Meecham, Prinsloo & Associates Paralegal Practitioners
Insolvency - Sequestration - Surrender of your Estate
Nationwide
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If you are already under a debt review court order the responsibility remains yours to make sure your creditors are paid.
Also make some common sense calculations? Paying what you currently pay under debt review how long will it take you to become debt free and be in a position to obtain release from obligations.
If your payment plan is longer than 4 years I believe a sequestration in terms of the insolvency act is a better alternative. You can be debt free sooner.
Under sequestration up to 80 % of your debt is written off so the remaining debt repayment is much lower.
For a free assessment of which option is best for you contact me
Eugene Prinsloo 0813166983
eugene@nodebt.co.za
Wipe out debt from your life.
South Africans are spending more than 70% of their income on debt.
YOU CAN BE DEBT FREE IN 90 DAYS
Under debt review? Let me show you a better way of handling your debt, legally.
• Cut your debt by 80%
• Stop all debt review and debt payments immediately.
• Take home more money on your next pay day.
I have done it, I have helped others do it, let me help you become debt free.
Call/Sms/Whats App 0813166983
BBM pin:25BC1525
eugene@nodebt.co.za
Wipe out debt from your life.
South Africans are spending more than 70% of their income on debt.
YOU CAN BE DEBT FREE IN 90 DAYS
Under debt review? Let me show you a better way of handling your debt, legally.
• Cut your debt by 80%
• Stop all debt review and debt payments immediately.
• Take home more money on your next pay day.
I have done it, I have helped others do it, let me help you become debt free.
Call/Sms/Whats App 0813166983
BBM pin:25BC1525
eugene@nodebt.co.za
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Keywords: Meecham, Prinsloo & Associates Paralegal Practitioners
Specialist debt advisers.
Insolvency Applications Durban; Insolvency Applications Port Elizabeth; Insolvency Applications East London; Sequestration Durban; Sequestration Cape Town; Sequestration Bloemfontein; Sekwestrasie Welkom; Sekwestrasie Pretoria; Sekwestrasie Bloemfontein
EUGENE PRINSLOO
Partner
Meecham, Prinsloo & Associates
Paralegal Practitioners
Located on the South Coast, KZN
We offer professional assistance nationwide through a panel of expert service providers.
Call/SMS/Whats App 0813166983
BBM 288A44F5
BBM Channel PIN C00493F66
Email eugene@skuld.co.za
Fax 0862441324
Blog www.insolvencysa.blogspot.com
Websites:
www.skuld.co.za
www.nodebt.co.za
www.secondbonds.co.za
(Under Construction)
I am able to consult on the following matters:
GETTING RID OF DEBT
1) Insolvency applications.
2) Debt assessments.
3) Debt Review/Debt Counselling.
4) Debt Mediation in terms of the National Credit Act.
5) Removal of debt review, administration orders, and salary attachments/garnishee orders.
6) Credit profile clearance.
7) Any matter related to debt or debt collection where you feel you are being harassed or treated unfairly.
8) Tenant rights and eviction advice.
RENTAL MEDIATION
1) Landlord / Tenant Disputes
2) Blacklisting of bad payers
3) Credit Checks
4) Drafting of Agreements
5) Advice
ASSET PROTECTION
1) Trust registrations.
2) Business registrations.
ACQUIRING DEBT
1) Debt consolidation.
2) Buying a property, getting a home loan.
3) Second bonds.
4) Alternative property finance.
5) Advice on secured and unsecured debts. Short term loans.
6) Buying and financing a vehicle.
COLLECTING DEBT
When you are owed money, whether you are a person or business.
1) Debt collection for individuals.
2) Debt collection for business or Commercial debt collection.
3) Black listing or Default listing of debtors.
4) Debtors management.
5) Credit policy audits.
6) Debtor tracing.
CRIMINAL RECORDS
1) Verification of criminal records for employment or private use.
2) Removal of criminal records.
Disclaimer: Meecham & Prinsloo
Paralegal Practitioners cannot be held liable for any investment/legal decisions made based on the adv
