Frequently Asked Questions

What is Debt review and why use a debt counsellor?

Debt review is where our highly qualified and skilled debt counsellors assess your outstanding debts and consult directly with your credit providers on your behalf. They will assist you and work out a more affordable monthly payment plan that incorporates your living expenses and earnings. Our Debt Counsellors have your future financial security in mind and will work with you to ensure you are able to take control of your debts in the easiest and best way possible.

When I’m under debt review, will my outstanding debt keep growing?

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.

What happens once debt review has been completed? Can I buy a house car etc?

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.

If my unsecured debt is paid off under debt review, what happens with my bond?

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 instalments agreed.

Must all Debt Review clients go to court ?

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.

Will debt counselling impact employment opportunities?

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.

What happens to debt review after a divorce settlement has been finalised?

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 I need debt counselling?

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.

Can I apply for debt counselling if I am unemployed?

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.

We are married in community of property. Does my partner need to apply for debt counselling?

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

Can the credit providers change their mind after the debt counselling proposal has been agreed upon?

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.

What happens if I miss my monthly repayments when I am under debt counselling?

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