When consumers apply for debt review, their profiles are flagged by credit bureaus. After settling their debts, a clearance certificate is issued, and the debt review flag is removed within a month. There is no permanent record of debt counselling, allowing consumers to obtain new credit and build a good credit score. It is not […]
WILL THE COLLECTION ACTIVITY FROM MY CREDITORS CONTINUE? I.E. PHONE CALLS AND COLLECTION LETTERS
Most creditors will stop once they receive the first payment. Should they continue you must advise them that you are under debt review with Simunye Debt Advisory and provide them with a copy of Form 17.2 or request that they contact us on 087 33 00 403
HOW LONG WILL I STAY ON DEBT REVIEW?
This is one of the top questions I get asked daily during consultations: “How long will I stay on debt review?” It’s the most frequently asked question, and the best answer I can give is that it depends on two factors. The two factors are the total outstanding debt and the monthly contribution amount you’ll […]
WHAT INFORMATION IS REQUIRED TO GET STARTED?
You will need the following: your creditors names account numbers total balances and minimum monthly repayments for each account. You will also need to collect your most recent statements.
CAN I APPLY FOR MORE CREDIT WHILE UNDER DEBT REVIEW?
According to section 88(1) of the National Credit Act (NCA) 34 of 2005, you shouldn’t incur any new charges under a credit facility while you’re under debt review. When you apply for debt review, your profile is flagged to show that you’re under debt review. This means that if you apply for new credit, the […]
WHAT HAPPENS IF CREDIT PROVIDERS DO NOT ACCEPT THE PROPOSED DEBT PLAN?
Credit providers can either accept or reject the debt plan we propose. If they reject it, don’t worry! Our legal team will step in and refer the matter to a Magistrate’s Court for a final ruling. We’re here to support you every step of the way.
WHAT HAPPENS IF I MISS MY MONTHLY REPAYMENTS?
If you miss a monthly payment, credit providers may terminate your debt repayment plan and initiate legal proceedings. To prevent this, it’s crucial to disclose your complete financial situation to us. This way, we can create a more affordable and manageable debt repayment plan tailored to your needs. If there are any changes in your […]
WHEN IS MY FIRST PAYMENT DUE?
Generally, your first payment under the debt review process is due within the first month following the finalization of your repayment plan. This means you should expect to make your first payment within 30 days of enrolling in debt review. Our highly trained team of registered debt counsellors will be able to assist you with […]
HOW DO YOU DETERMINE WHAT MY MONTHLY PAYMENT WILL BE?
We’ll take a close look at your monthly income and living expenses to understand your financial situation. Based on this, we’ll recommend an amount that you can comfortably afford to pay each month. One of our friendly consultants will walk you through your budget and help you figure out your monthly payment.
WILL CREDIT BUREAUS BE NOTIFIED?
We send your details to all credit reporting agencies advising them of your credit counselling status, and will advise them once the counselling is complete.