Debt Counselling is a solution for over-indebted borrowers that ensures sufficient protection against loss of assets and assists with the restructuring of debt so that the consumer can meet his / her basic living expenses.
Debt Counselling was formally introduced by the National Credit Act to help over-indebted consumers, especially in our current economic crisis. The goal of Debt Councelling is to develop a repayment plan which is affordable to you, as well as acceptable to all your credit providers. iNDC will restructure your current monthly payments, and obtain a court order on your behalf.
*Administration: is a legal process, where the instalments are reduced, but creditors only receive payment every three months and the term of repayment is much longer than under Debt Counselling. Debt must be less than R50 000 to qualify. Debt Counselling was brought in to replace Administration, and is a much better option.
* Sequestration is a legal process whereby all your debts are written off, and gives you a fresh start in life. This option is available to you if your liabilities exceed your assets, and your available income is not enough to restructure your current credit agreements by submitting a reasonable payment proposal to your creditors.
Our fees are regulated by the National Credit Regulator, and are included in your debt repayment plan, with other words, no additional cash is payable by you.
You will get immediate protection!
In terms of the National Credit Act, we may restructure your credit agreements by extending payment terms and lowering interest rates. This was the whole purpose of the Act.
We calculate your new payment immediately, and you will be paying a reduced payment from the first month.
You will pay one reduced, affordable instalment to an accredited Payment Distribution Agency. iNDC makes use of Hyphen, a member of the Firstrand Group, and the biggest PDA in SA.
iNDC appoints an attorney on your behalf in order to obtain a court order. The legal fees are negotiated, and also forms part of your restructured payment with the consent of the creditors, meaning you do not have to pay the fees additionally.
They are by law not allowed to contact you, and are supposed to only negotiate with us, although in practise, they still try to convince you to commit to all sorts of payment promises. Do not engage in negotiations with them, rather let us do the negotiations, that is what we are getting paid for……
A consumer can obtain a report about their credit rating free of charge once a year by calling, Experian telephone 0861 10 5665 or Transunion telephone 0861 482 482.
No. There is no black-listing but if iNDC finds you to be over-indebted, we will add a flag to your credit record asking creditors not to lend you more money because of the fact that you are already over-indebted. This will be removed once the debt has been repaid and when you are no longer over-indebted.
No, they are not allowed to blacklist you. A very good reason to apply for debt review rather sooner than later…….
As soon as your debt has been settled, we issue you with a clearance certificate, and instruct the credit bureaux to remove the flag behind your name. You can also voluntary withdraw from the process if you are in a position to pay your creditors.
Yes, as long as proof can be provided.
All credit agreements can be included but not service agreements such as water and lights accounts or cell-phone accounts. Any accounts on which judgment has been taken cannot be included.
You can apply in conjunction with your Debt Counsellor for a consolidation loan to the relevant institutions but this tends to only be granted in extreme cases.
It is already a Court Order and only a Court can make a change to the Court Order.
Yes, you must contact us urgently if you receive a letter of demand. Debt Counsellors can make arrangements on a letter of demand or warrant of execution but if a court judgment has been taken they cannot do anything.
Yes, you can be placed under Debt Review at anytime, provided a Debt Counsellor has declared you over-indebted.
No, once notification has been given to the credit providers, the accounts will be blocked from further use.
You need to contact us first, because we have to allocate such payments correctly in conjunction with the re-arrangement plan.
Whilst under debt review, a flag will appear on the credit bureaus, indicating that you are under debt review. Once you have paid off your debt, or are not over indebted any longer, we will instruct the credit bureaus to remove the flag, and you will be able to apply for credit again. If you opt not to go under debt review, the creditors will commence with legal action, and default payments, as well as adverse behaviour will be listed on your name. Adverse information will stay on the credit bureaux for 2 years, and judgments for at least 5 years (Magistrate Court Judgment), and for at least 10 years (High Court Judgment). It is therefore of the utmost importance to apply for debt review, in order to keep your credit record in good standing.
No, it is a conflict of interest. Always talk to your Debt Counsellor. iNDC (Independent Debt Counsellors) is here to help you with our team of Debt Counsellors to get back on track, get rid of debt and start a new more prosperous life.
iNDC can calculate a new proposal or refer the matter to the Court for a decision.
No, you are a respondent in the matter, and iNDC will be the applicant, therefore our attorney will appear in court and notify us of the outcome immediately.