According to the National Credit Act, your creditors are legally prevented from hassling you, as soon as we notify them that you are under debt review. However, sometimes it can take a bit of time for Creditors to inform all of their departments that you are under debt review, so you may have to be a little patient. Your Debt Counsellor [...]
Married in Community of Property (COP): both your own and your spouse's income and expenses must be calculated in a joint application, and both parties' debt must be included for consideration. Married out of COP: generally a single application will need to be written for the over-indebted party, who is applying for debt review. But a [...]
While you are under the Debt Review process, a flag indicating that you are under Debt Review will be added to your name at the Credit Bureaus. Once you have completed your debt payment plan in full, we will contact the Credit Bureaus and inform them of this, and they will erase the flag from your file, [...]
The moment you are no longer in arrears and have paid off most of your debt, excluding bonds, the Debt Counsellor can remove you from debt review and notify the credit bureaus that you are no longer under debt review or over-indebted. Even if you are still paying off your bond, the fact that your unsecured debt [...]
You can find more information on the National Credit Regulator (NCR) on their website at http://www.ncr.org.za/ For more information about the National Credit Act (NCA), download the Act at http://www.ncr.org.za/act/download-the-act