Our debt review solutions at Help with Debt are based on our debt counsellors’ thorough knowledge and understanding of the National Credit Act, especially those regulations that apply to your rights as a consumer.
We draw on these rules to prove cases where you, the consumer have been exploited by the credit provider. In such instances, your debt counsellor will apply to have the court declare the credit agreement as a case of reckless lending, in which case you could have your debts significantly reduced or even written off entirely.
That’s why we build our debt review solutions around the following two important rules:
The Induplim rule
According to the Induplim rule, as of the day your debt counsellor places you under debt review, the interest charged on your arrears may never exceed the outstanding amount that you owe.
It is easy to see why we incorporate this rule into our debt review solutions!
Although, this rule does not apply to any credit agreements entered into before 2007.
The Prescription Rule
This rule is very empowering for you, the consumer and that is why it always features in our debt review solutions. The prescription rule enables our debt counsellors to lift you out of your debt spiral, as well as reduce your repayments. Furthermore, it applies to all debts, including vehicles and bonds.
This rule holds that if you have not made a payment towards a debt in over three years or longer, and if your name has no judgments against it on that debt, it is prescribed debt. Which means you are not legally bound to repay it. Remember, there is no exception to the prescription rule!
As a part of our debt review solutions, we request proof of your last payment for each of your debts and, if your creditors cannot provide proof, we enforce the prescription rule. So you don’t have to pay off this old debt!