Debtfree Magazine September 2019
The September 2019 issue of Debtfree Magazine. SA's Free debt counselling and debt review magazine. We discuss a court case that changes it all as well as possible changes to the NCA & Regulations.
The September 2019 issue of Debtfree Magazine. SA's Free debt counselling and debt review magazine. We discuss a court case that changes it all as well as possible changes to the NCA & Regulations.
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ARE YOU TRAPPED IN DEBT REVIEW?<br />
WHAT DOES<br />
THIS MEAN?<br />
The ruling means that for consumers who are in the process and<br />
paying each month, if they want to leave the process they have two<br />
ways to do so: (1) pay up your smaller debts and leave with only<br />
your bond to pay or (2) pay up all your debts and get a clearance<br />
certificate from a Debt Counsellor.<br />
For those who dropped out of the process, it means they cannot simply pay<br />
some random attorney to miraculously remove their debt review status.<br />
There are many such scams out there with unscrupulous people preying<br />
on vulnerable people. They should steer clear of such scams. They have<br />
to make the effort, as and when they can, to pay off all their debts and<br />
then eventually get a Debt Counsellor who will help them with a clearance<br />
certificate once they have done so. This will be a very long and hard journey.<br />
Others who do not pay off their debts will find they will still be considered<br />
legally over indebted and that (for now) the credit bureaus will not remove<br />
the debt review flag. Credit providers will probably continue to deny them<br />
credit even if they could realistically afford it. They are essentially trapped.
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