SERVICES
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DEBT REVIEW REMOVAL
Debt Review remains a huge problem for many South Africans, Somewhere along the line there is this idea that you can only come out of debt review if all your accounts are paid up. This is only partially true as there are 2 ways of coming out of debt review.
Method 1: Court application
A court application is exactly as it sounds, it is an application to court whereby one of our attorneys represent you in front of a magistrate to prove you are no longer over-indebted. Why do we do this? because debt review is only for those who are over-indebted so that they can manage their debt. Once you are proven to not be over-indebted you will receive a court order which rejects your inital debt review application. With that court order we inform all the credit Bureaus in South Africa to remove the debt review flag. Once the flag is removed you are free to make use of credit again, but make sure you do so responsibly. People who still have debt on their name have to make use of this option to have the debt review flag removed. It is very important to note that if you already have a debt review court order stating you are over-indebted then this method of removal is not available to you as your only option of coming out of debt review is to settle all the accounts on your debt review plan.
Method 2: Clearance certificate
Many South Africans are familiar with the term clearance certifcate as they believe that this document gets them out of debt review. Which is partially true but the full truth is that it is not the document in itself which holds the power to remove the debt review flag but rather the correct processing of this document which holds the power to remove the debt review. What we mean by this is that by simply receiving a clearance certificate does not mean you are credit worthy. The clearance certicate firstly needs to be commissioned, secondly all accounts listed under debt review must be paid up and valid paid up letters must be accompanied with the clearance certificate and lastly all documentation must be sent to all credit bureau's in South Africa. Once all necessary documents has been sent to the bureau's the flag gets removed from a consumers credit profile in roughly 10 business days
DEBT MEDIATION
Debt mediation is a process whereby we communicate with your creditors on your behalf. We act as a middleman between you and your creditors. The process is similar to debt review however it does not flag your credit profile and it is unregulated. This service has many benefits one of them is that we ensure creditors treat our clients fairly. This allows our clients to have peace of mind that theit accounts are being taken care of
ITC UPDATE
Updating an ITC report can take many forms. The first and most important would be ensuring that clients who have debt that was last paid 3 or more years ago, We are of course referring to the prescription act of 1969 which allows consumers of credit to have their debt fully written off if prescription was not interupted for 3 or more years. Another way of updating an ITC report is removing debt off a consumers name that shouldn't be there. Such as debt that has been paid off but still remains on the consumers name and debt that was placed frauulently on the consumers name. We look into any matter whereby debt is wrongly put on a consumers name.