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Credit Repair Solutions
- We provide transparent credit repairs solutions to all our clients.
- Supporting responsible, well informed access to credit by consumers.
Judgment listing removals
At Debt365 Solutions we assist consumers with the removal of judgment listings if the judgment listing is older than 5 years or if the judgment debt has been fully settled.
Prescribed account removals
Debt 365 Solutions assist consumers with an assessment into prescribed accounts and to obtain account prescription letters from Creditors so that the account balances can be written off. We also attend to the necessary update and removal of such accounts at all credit bureaus.
Administration order removals
We assist consumers to rescind administration order or to obtain a section 74U certificate from the administrator. We further assist with the removal of administration order listing at the credit bureaus.
Credit Score Improvement
We assist consumers with poor or bad credit score with necessary guidance on how they can improve their credit score. Let us assist you with the first step towards regaining your credit heath.
***Good credit score improves your chance to responsibly access credit at lower interest rates
Contact Us Now to see how we can assist and get your credit score UP
Frequently Asked Question
What is Debt Review or Debt Counselling? Debt review or counselling is a legal process addressed by the National Credit Act, meant to assist consumers who are struggling to meet their monthly debt obligations. At Debt Negotiate we have highly skilled professional Debt Counsellors to assess your outstanding debts and consult directly with your credit providers on your behalf. They will assist you and work out a more affordable monthly payment plan that incorporates your living expenses and earnings. We need to ensure that you will be able to meet all the basic living expenses while at the same time paying a reduced, one consolidated monthly instalment to your creditors
How does Debt Counselling protect me? Once you are accepted under Debt Review and your creditors have been notified, you will be protected from any legal action being taken against you. After your application and acceptance, we have 60 working days to present your case to the magistrate’s court who will then make the debt review a court order. By then we would have negotiated with all your creditors to establish an agreeable and affordable payment that is fair for both parties based on the funds that you have available for these payments. As long as you meet your new monthly obligation, you will be protected from any legal action as long as you are under the review process.
When do I start paying the reduced instalment? As soon as your assessment is done and we have restructured your budget you will be expected to start paying as from your next salary or pay date. Remember all your payments are consolidated into one reduced and affordable monthly payment which you will make to a Payment Distribution Agency (PDA). It is your responsibility to ensure that this payment is made on time every month.
Phone calls from my Creditors? We encourage all your creditors to deal with us directly which means that you should no longer be harassed by constant phone calls. If they do contact you, you are allowed to refer them directly to us. As soon as all creditors have update their records correctly they will immediately stop calling you directly whilst under debt review
Will I be blacklisted? With Debt365 Solutions you will not be blacklisted. We can assist in improving your credit rating and clearing your credit profile upon the last repayment.
How Do I Know That Debt365 Solutions Is a Legitimate Company? A: The National Credit Regulator (NCR) is the official governing body that regulates and monitors the Debt Counsellors who are registered with the NCR. Here is Debt365 Solutions’ Managing Director’s NCR registration number: NCRDC2403 You are welcome to visit the NCR website to check the registration.
How Does the Debt365 Solutions Debt Review/Debt Consolidation/Debt Counselling Program Work? A: Debt365 Solutions helps South Africans struggling with their debt through a program called Debt Review (also referred to as Debt Consolidation or Debt Counselling). In short, our program reworks your debt repayments into an affordable, consolidated repayment plan – meaning your debt repayments are made into one single, reduced repayment. Your repayment plan is formulated in such a way that it enables you to pay your debt as well as pay for essential living costs (school fees, food, rent, commute etc.), giving you immediate financial breathing space. Your repayment plan is agreed upon by your creditors (we negotiate with them on your behalf), is regulated by the National Credit Act (NCA) and authorized through a Court Order. This means that our program legally protects you, and your assets (car and home), against creditors who want to take legal action against you. Once you have successfully completed your Debt365 Solutions program you will receive a Clearance Certificate. This is sent to you and the credit bureaus. The credit bureaus will then remove the Debt Review flag from your profile as well as all your default listings. Your payment history will however still reflect on your credit profile for the period of two years as per the conditions of the National Credit Act (NCA).
Why Must I Open a New Bank Account for Debt Review? It is very important to open a new savings account at a bank where you have no previous dealings. This is to prevent money grabbing by your current creditors. Remember to inform your employer to pay your salary into your new, above mentioned, bank account. Also, note that it is your responsibility to cancel all current debit orders and advise the debit orders that will still go off about your new bank account details.
How long does it take to get my name off debt review? It is dependent on where in the process you were when you stopped participating in the Debt Review process. It also depends on the courts availability to have the matter set down. We will analyze your unique situation and advise you accordingly.
Can I clear my name immediately? Unfortunately, there are many companies that promise a quick fix, however we have seen that they are not proper solutions and you the consumer lands up having wasted money without a solution. Nothing worth achieving is reached immediately. We believe in doing it properly.
Can debt review be removed off my name? There are many reasons why you no longer need to be under debt review and we can assist you with an affordable and workable solution to your problem.
How Can I Improve My Credit Record? First, we would recommend that you pull your credit record to see what it looks like and whether it is in good standing or not. It is also a good idea to check your credit record regularly to make sure everything is as it should be. If you see that there are accounts whose status are in arrears you will have to pay the arrears, and then make sure that you keep up to date with those accounts going forward. If you have Judgements or Administration Orders on your profile you will need to settle the outstanding debts in order to have that information removed. Avoid applying at various creditors for credit in a short period of time, this will affect your score negatively. Furthermore, every time you apply for credit and it gets disapproved it also negatively impacts your credit record. The best way to improve and keep your credit record in good standing is by paying the full instalment that is due on time every month. Limiting credit inquiries from credit providers, regular monitoring of your credit score, seeking professional counselling, and staying informed.
What Happens When I Miss a Debt Review Repayment? For the Debt Review process to be successful, you must adhere to your Debt Review monthly repayment plan (‘rehab payment’) at all times so that your Debt Review agreement doesn’t get jeopardized. Debt Review’s primary benefit is the negotiation process offered (with your various creditors on your behalf) to reduce your monthly instalments and interest rates. You may ask: ‘What’s the worst thing then that can happen if I don’t pay my monthly Debt Review repayment amount?’ If you fail to make payment in no uncertain terms, you are taking a step back and further away from reaching financial freedom again. Your creditors will have sufficient legal grounds to terminate your Debt Review and commence legal action against you. REMEMBER: The Debt Review process is NOT a payment holiday but instead offers you a lifeline to afford your daily living expenses while also taking care of your debt responsibilities and avoiding repossession of your assets. Also, take a look at the policies that you have available. You may not even be aware that you have credit-linked or life insurance that will help pay your debt after unforeseen events, for example, a salary deduction or loss of income, have taken place.
What is a Section 129 notice? A Section 129 notification is an indication of pending legal action for recovery due to arrears of in excess of 20 business days. The NCA allows a consumer to approach a debt counsellor within 10 days and to seek relief in terms of a debt review application. At this time the specific debt can be included in the debt review application and, in the case of assets (a car or a home) you will remain protected against legal action and remain the owner of the aforesaid.
What happens once debt review has been completed? Can I take new credit? Once you have completed the debt review process and all your debts have been paid off Debt Negotiate will issue a Clearance Certificate to your creditors, notify the NCR and the credit bureau. You would now be able to apply for a bond or credit in the future should you require to do so.
Did you know?
Debt365 Solutions offers extra benefits for their Debt Review clients. In partnership with a reputable Credit Life Insurance, Debt365 Solutions can ensure that your debt gets paid when you can’t.
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Let’s Discuss Your Debt
NO OBLIGATION DEBT CONSULTATIONS TAILORED FOR YOUR PERSONAL
DEBT SITUATION
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Phone: 065 661 0368
Whatsapp: 065 661 0368
Email: help@debt365.co.za
Address: 9 Spoorlyn Road Kempton Park