FREQUENTLY ASKED QUESTIONS (FAQ)Debt Review Process: frequently asked questions and answers (FAQ's) by individuals interested in the Debt Review Process.
Why write about the debt review procedure and FAQs?
Many individuals who are curious about the process often have numerous questions and may not fully grasp how the debt review process works.
Misinformation about the debt review process online...
There is a lot of disinformation available on the web, and it doesn't help that
companies that specialise in debt review aren't always truthful about the subject and consequences of debt review. They are simply concerned with signing the client.
1. Is it possible to be sequestrated after utilising the Debt Review Remedy?Yes, but sequestration is a different remedy and takes place in a different court.
2. What happens to my immovable property (house) and my financed vehicles?
You will still be the owner of these items but will be paying a reduced monthly installment as per the agreement between your debt counsellor and your creditors.
3. Can there be legal action taken against the individual under debt review?No, except if the creditor had already issued a summons before the debt review process commenced.
4. By which regulating body are debt counsellors regulated?5. Discover the duration of your debt review journey.
Your debt review will last for a maximum of five years. If the debt is not entirely paid off within the five-year period, the debt review period will be extended until all the debt, including interest, is paid in full.
6. Is it truly advantageous for me to choose debt review, or would it be better to consider sequestration instead?It will vary based on your financial circumstances. Contacting one of our
debt relief specialists for a free evaluation is the most effective way to ensure you understand which debt relief options are available to you. As well as which debt relief remedy will be best for your particular financial situation.
7. If I ask CureDebt about debt relief solutions, will I be blacklisted?We do not provide any information about our potential clients to credit bureaus if they only inquire about debt relief solutions. Once Form 16 is signed, the creditors will be notified of your over-indebtedness. Consequently, a debt review flag is recorded on your credit profile at all the relevant credit bureaus, in accordance with the rules and regulations stipulated by the
National Credit Act.
8. Is it possible to purchase a car or take on any debts while under debt review?During the debt review process, you will be unable to take on any more debt. Unfortunately, due to being under debt review, all credit applications will be declined.
9. How much will my monthly payment decrease if I opt to go through the debt review process?
Depending on your affordability profile, you have the potential to significantly reduce your monthly installment by 50 to 75%.
10. How do you calculate what I can afford to pay towards my financial obligations each month?We need a precise budget of your monthly expenses, excluding debt repayments. We'll need your monthly Netto income to submit everything to an NCR-approved system and get the minimum payments that we are able to negotiate with creditors.
11. Are creditors required to participate in the debt review process?
No, creditors have the option to opt out of the debt review process at any point. However, they understand that participating in the debt review process is in their best interests, and most creditors are willing to comply.
12. Can all creditors be included in the debt review application?
Yes, however, if legal action has already been taken, these accounts will need to be concluded separately from the standard debt review process. It is often working and can be included in a debt review application, but it is not always successful.
13. Is it possible to go through the debt review process without involving my spouse, even though we are married?Indeed, it is, but only if you're married under a prenuptial agreement, also known as out of community property.
14. Is it possible to enter debt review if I am currently unemployed and have no source of income?
No, you must have a source of income to make the monthly debt review payments, which in turn will be distributed to the different creditors.
15. What documentation is required to assist me in obtaining a FREE EVALUATION without causing any harm to my credit rating?To complete the free evaluation of your financial situation, please send us a completed
individual debt assessment form, as well as a copy of your most recent payslip and identity document.
Contact Cure Debt today to assist you with your
financial difficulties. Start living again.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Call on
Cure Debt rather than relying on the information herein to make any decisions. The information is relevant to the date of publishing.
