Frequently Asked Questions

No, your outstanding debt will not keep growing. Debt Guidance negotiates with creditors to ensure you have an affordable payback plan, on negotiation we attempt to reduce interest rates for unsecure debt, although the term may be increased, the vast majority of customers will be debt free within 60 months.

Once you have completed the debt review process and all your debts have been paid off Debt Guidance will issue a clearance certificate to your creditors, notify the NCR and the credit bureau. You will now be able to apply for a bond or credit in the future should you require.

Once you have finished paying off your unsecured debt, settled your vehicle finance account/s and your home loan account is up to date you will qualify to receive a clearance certificate. Debt Guidance will update the NCR, Credit bureau’s and you will no longer be flagged under debt review. This is then evidence that you are financially stable and your bond payments will revert back to its original installments agreed.

Yes, all debt review matters must be laid down in court; they’ll either go to the National Credit Tribunal or the Magistrates Court, according to the National Credit Act.

We do not notify employers that you are under debt review. Going under debt review should not have any negative bearings on your current employment or future employment, but this does depend on the position you maybe applying for. In some roles financial stability maybe a requirement and would be discussed on point of application.

Should you get divorced while under the debt review and wish to separate your debt review process we will have to reevaluate your circumstances as two individuals. We will need to see the divorce decree and settlement to support your re-applications, Debt Guidance will continue to support you through your debt rehabilitation.

In some cases additional Legal fees may be required to support this new order.

Do you struggle to pay for essential and basic living expenses every month? Are you tired of worrying about paying off creditors? Is your debt spiraling out of control? If you have answered yes to any of these questions your need our Debt Counsellors to help you get back on track and take control of your finances.

If you are currently unemployed we are unfortunately unable to place you under Debt Review. However, if you are married in COP (community of property) and your spouse is employed then a joint application can be done. Both partner’s expenses and debit are submitted on a joint application.

If you are married in COP, you will both need to apply for debt review under a joint application.

Once you your debt counsellor’s proposal has been agreed to by your creditors, they are not allowed to change their minds. As long are you continue to make payments to your creditors every month, no further action can be taken against you.

If you fail to pay one of your new restructured monthly repayments, your creditor may terminate the agreement