Debt Review
The National Credit Act has formally introduced the debt review process to assist consumers by developing a repayment plan, which is affordable to the consumer and acceptable by credit providers. This process is intended to assist over-indebted consumers, through negotiating with credit providers to reduce monthly installments and providing protection against any legal action. Financial Saver provides tailor-made Debt Review Services across South Africa, designed to allow you to regain control of your finances.
Benefits:
Confidentiality: This process is treated with the utmost confidentiality which means that your employer, friends or family will not know that you are utilising this process. Chances are, that 48% of all the people you know are financially distressed and are not knowledgeable of the debt review process.
Guided Support: You are provided with unique ongoing support through the entire process which is conducted telephonically and via email.
Convenience: We have numerous communication channels available and you are provided with timeous responses, keeping you updated at every step.
No upfront fees: Our fees are prescribed by the National Credit Act and regulated by the National Credit Regulator (NCR) which are included in your affordable repayment plan.
Affordable repayment plan: Your payments are reduced to the minimum amount payable by extending your repayment term. However, this is a flexible plan which means, if you had to receive a lump sum of money or extra income, you may increase your payments toward this plan alternatively settle smaller accounts, which will alter the term entirely. The negotiations will also aim to reduce the interest owed on the debt which will make it more manageable for you to pay off your debts, in one reduced affordable installment each month.
Specialist attorneys: We have a panel of specialist attorneys within the field of debt counselling who have established networks of correspondence all over South Africa. These attorneys represent you at court as you are not required to appear before the magistrate.
Legal protection: Once this process has started, you are under the protection of the National Credit Act. Your creditors cannot take legal action against you and will cease to contact you directly. You can rest assured knowing that your car, house and other assets are safe provided you pay your reduced, affordable monthly installments.
Clear credit record: Once we issue you with the clearance certificate, all negative listings against your name will be removed and you will have attained financial freedom.
ITC Clearance
The National Credit Regulator (NCR) has ensured that all credit providers and credit bureaus are conversant with The National Credit Act 34 of 2005 and the rights of the consumer. However, credit providers still take advantage of consumers’ lack of information and deliberately place default listings on credit records. Many consumers discover that they have a default listing or an outstanding amount still reflecting on their record, after paying a credit provider in full. As consumers you are entitled to fair assessments and correct scores on the credit bureaus. Although you can’t rewrite history, there are steps you can take to improve your rating. You can enhance your credit report if you know what it contains. We will work closely with you, setting up a payment schedule and removing any negative listings.
Reckless Lending
Reckless lending applies to any individual who is experiencing financial trouble due to the practice of negligent lending from credit providers. Many consumers are unaware that there are numerous reckless lending cases in South Africa. Should a credit provider fail to conduct a detailed financial assessment on behalf of the client, any credit agreement entered into between that credit provider and the consumer is classified as reckless lending or reckless credit irrespective of what the outcome of the assessment might have been. Should a credit provider conduct an assessment and conclude that the consumer does not understand the risk, cost and obligation created by the proposed credit agreement, but still enters into the credit agreement with the consumer, such credit agreement is classified as reckless lending or reckless credit. Should a credit provider conduct an assessment and conclude that entering into the proposed credit agreement would cause the potential consumer to become over-indebted, but still enters into the credit agreement with the consumer, such credit agreement is classified as a reckless lending practice. Credit agreements entered into after 2007, which fell into arrears may be a case of reckless lending. Credit providers are legally required to perform affordability assessments to ensure that you can afford to make repayments on your debt.
Have you been a victim of Reckless Lending?
Financial Saver will assess all of your credit agreements to see whether any of them can be classified as reckless lending. If we suspect that any of your accounts are reckless, we will approach the court or tribunal on your behalf to have the agreement declared as reckless and the debt written off.