Monday, August 28, 2017

Debt relief and law failing South Africans

In November 2016 IOL published this article by Angelique Arde,
LAW FAILING CONSUMERS DROWNING IN DEBT.
https://www.iol.co.za/personal-finance/law-failing-consumers-drowning-in-debt-2089323
The National Credit Act in acted in 2007 was never intended to offer real relief to over indebted consumers. It was poorly conceived and poorly executed.
It has never addressed reckless credit.
The act was written to protect credit providers from the shock of the financial crisis of the time.
Debt counsellors are poorly trained and often apply debt review as a  multi purpose tool for all debt problems.
The problem with the debt review debt solution is that debt currently owed will have to be repaid in full including costs and interest. No provisions are made for a write off of debt.
Consumers are rejected for debt review if they are unable to settle their un secured debt in five years or less.
Debt counsellors have effectively become the debt collectors of the credit providers and it has become more profitable for credit providers when accounts go into counselling as more interest is charged over a longer period than what was originally agreed. 

Wednesday, July 12, 2017

Only viable debt relief remedy in South Africa

Sequestration - The only viable debt relief option in South Africa.
Simply put, no other option offers the debtor a write off of debt. Relief can only occur if there is "forgiveness of debt"
Why pay 100% of your debt when you can legally, have the largest portion written off by the court.
APPLY FOR RELIEF TODAY!
Nodebt.co.za offers assistance nationwide

Wednesday, August 12, 2015

Serious risk of legal action under debt review in terms of the national credit act

Risk of legal action under debt review in terms of the national credit act


Another serious risk of Debt Review process under National Credit Act Most people are under the impression that they are protected from legal action should they apply in time for a review of their Debt with a Debt Counsellor Under the terms of the Credit Act this would seem true. 
But it is not the case!

In a recent case:Naidoo v ABSA Bank (391/2009) [2010] ZASCA 72 (delivered on 27 May 2010) the court held that an application by a credit provider for the Sequestration of a consumer did not amount to litigation or other judicial process by which the credit provider exercised or enforced any right under the credit agreement between itself and the consumer. 
Based on this decision, debt review DOES NOT prevent a credit provider from bringing an application for the sequestration of the consumer whose credit agreement is the subject of court proceedings in terms of the NCA. 

A sequestration by the credit provider or a Forced Sequestration is not something you want to expose yourself to. Exit Debt Review get some peace of mind, talk to a Debt Specialist today. Meecham Prinsloo & Associates
Call/Sms/Whats App 0813166983

What our clients say

What our clients say...

" you literally saved my life, I was paying more than R8000 per month on debt counselling, now more than 80 % is legally written off and the balance I can pay off at R1700 per month. Thank you, thank you, thank you"
Steven from Durban

"For 3 years I have been under debt counselling and my debt just increased. In 90 days my debt was wiped out and I could make a fresh start. Thank you Eugene"
Louise from Kempton Park

"I had more than R300 000 in debt. Now I have zero"
Thato from Durban