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Debt mediation is the process by which our advisors enter discussions with your creditors to mediate or negotiate suitable repayment terms to satisfy both you as the debtor and the creditor, to prevent further legal action against you.
Informal Debt Restructuring
Debt mediation is the process by which our advisors enter discussions with your creditors to mediate or negotiate suitable repayment terms to satisfy both you as the debtor and the creditor, to prevent further legal action against you. We know exactly what can be expected in a debt mediation process and when making use of our debt mediation process you will have all the guidance you will need as our expert advisors are here to ensure you get the outcome best suited to your needs when it comes to debt mediation and to ensure you are in reliable hands when making use of our debt mediation services.
Contact us today at Credit Rescue so we can assist you with any debt repayment solution that you require.
• Allows the client more household income
• No summons or judgements may be issued
• The client is not placed under administration
• No more harassment and threatening calls
• Allows the client to remain credit-worthy
• This is NOT a debt review program
• You only pay one instalment monthly
• Your affordability is enhanced
• Legal charges pegged at R250.00 - R500.00
• No Housing Bond and Motor Vehicle payments are allowed under the Debt Mediation Program.
• You are able to stop whenever you feel you have satisfied your budget.
Get immediate relief with reduced monthly debt repayment instalments. All your living expenses are covered - get a cheaper and affordable way to repay your debt while enjoying protection against legal action.
Formal restructuring of debt
Are you under a Debt Review? Pay only what you can afford, with one monthly payment.
• Immediate Relief
• Reduced monthly debt repayment instalments
• All living expenses are covered
• A cheaper and affordable way to repay your debt
• Protection against legal action
Contact us today at Credit Rescue to assist you with any debt repayment solution you require.
• Aimed at assisting consumers that are over-indebted or will be if no help is provided.
• Court order protection against Assets (House/Bond, Car and Furniture).
• No upfront fees.
• All accounts are protected under a debt review court order.
• Allows the client to remain credit-worthy
• No more disturbing phone calls.
• Interests are renegotiated.
Debt Review Removal is the legal process to assist previously registered Debt Review clients who are no longer over-indebted deregister once they can manage to maintain their debt repayments.
Debt Review Removal Criteria:
• The client is under a debt review
program
• The debtor has made a payment towards this debt and it is not on any court order role but is registered with the NCR?
• The client can prove that they are not over-indebted
• The responsible debt counsellor is not traceable. Debt review removal has become somewhat of a pain point lately.
In short, to complete your debt review process or to cancel it early, an extra step has been added, and unfortunately it is not a step you can take alone. You will need the help of a lawyer. Luckily we can help!
To terminate the debt review process and to have the debt review notice removed from your credit reports requires that a court application be made for the court to find that you are not over-indebted, even if there is no court order in place for your debt review.
If your financial circumstances have improved to the point that you are now able to meet the repayments due to all your creditors, then the debt review process can be terminated. To have you listed as being under debt review and/or over-indebted would be unfair and in breach of the spirit of the National Credit Act, since you are not over-indebted anymore, and you are from now on able to pay your creditors directly and don’t need the help from a debt counsellor or debt review anymore. To complete the removal you will obtained a court order to rescind the debt review order. Credit bureaus will be updated via the NCR Debt Help System about the changes in your situation and you will obtain a court order declaring that you are no longer over-indebted.
The Initial Debt Review Flag on Your Credit Record does not mean that you are over-indebted and under debt review. It only shows that you have requested assessment by a Debt Counsellor and you are deemed to be over-indebted.This flag protects you from existing credit providers taking legal action against you while your debt review application is in the process. You can withdraw from debt review process before Form 17.2 is issued. The Form 17.2 indicates that the debt counsellor has performed financial assessment (at your request and permission) and found you to be over-indebted. Once a Form 17.2 is issued, the only way to remove the flag is to apply to court to be declared not over-indebted regardless of whether or not the court process was executed. Ask your debt counsellor if Form 17.2 has been/was issued.
Contact us today at Credit Rescue so we can assist you with the debt review removal process.
Once placed under administration, the consumer is not allowed to enter into a new credit agreement with any credit provider. The Credit Providers are also prohibited by law to grant any credit to any consumer who is under administration. The Administration Notice will be displayed on the Consumer’s Credit Profile for 5 years. However, the good news is that the consumer can apply to have the Administration Order rescinded before the 5-year retention period expires, regardless of whether the outstanding balances of the creditors’ accounts are settled or not. If you rescind the administration before the balances of the credit providers are settled, you are still responsible for making payment arrangements with them. You do not need the permission of the Administrator to rescind the administration order!
What is an administration order?
• It is an order made by a Magistrate’s Court setting out different amounts that a person (“debtor”) must pay towards his/her outstanding debt with one or more persons (“creditor/s”).
• Once a client has been removed from being under administration, they are placed under a debt-mediation process to pay the balance of the debt owed.
• An example of a repayment plan is where the debtor pays his/her outstanding debt in affordable monthly instalments to each creditor.
• If a court order has been made, the debtor’s estate will be placed under administration (“administration order”). This means that an Administrator is appointed who will ensure that the debtor pays the amounts due in terms of a judgment or other financial obligations.
• If the debtor is married in a community of property, the joint estate will be placed under administration. This means that both the debtor and his/her spouse will be affected by the administration order.
• To have the administration order rescinded, the consumer must make an application for this purpose in the very same magistrate court where the administration order was granted. The process for the rescission of the administration order is not complicated but requires strict adherence and compliance with the court processes and procedures, therefore a basic knowledge of the court process and application procedure is required, otherwise, the services of a professional or attorney will come in handy at a fee.
Removal of Administration Order from Credit Record:
It is important to know that even once you have paid the creditors placed under administration in full, the administration order will not automatically be removed from your credit record. You still need to go to court to rescind the administration order and obtain a 74Q Rescission Court Order. This rescission court order can then be submitted to the credit bureau and the Administration Notice will be removed from your Credit Record within 20 days. Once removed you can now be able to apply for credit facilities again. Credit Rescue can assist with the rescission of administration and clearance of the administration notice from your credit records