Through an intesive research and collection of data and statistics, we know that thousands of consumer are struggling to get out of debt review and to remove the debt review flag from their credit records. We also know that thousands more have been unlawfully listed under debt review without consent or without compliance with the regulations.
The goal of this article is to teach the consumer who is dealing with debt review issues to understand how debt counselling works in order to learn what to do to get out of debt review or dispute an unlawful debt review flag on his credit record.
Debt Counselling is the product of the National Credit Act
Debt Counselling is a voluntary and consensual process which results in the Tribunal or a Magistrate Court re-arranging the consumer’s debt
Only an NCR accredited debt counsellor can perform the debt counselling processes and procedures as in compliance with the prescbed NCA regulations
The NCR was established by the NCA to oversee register and regulate debt counsellors and to oversee compliance with the regulations and procedure prescribed by the NCA. The NCR also has the power to update the electronic system that keep records of all matters relating to debt counselling.
Clearance of Debt Review Flag:
Unless you have settled all accounts that were placed under debt review and obtained a clearance certificate, you can only clear debt review under the following circumstances.
Unlawful Debt Review
* Where you never applied for debt review or signed Form16
* Where you never submitted any personal documents and accounts to the debt counsellor
- Log a dispute with the NCR through the prescribed form named Form19
- The Ncr shall investigate and resolve
Debt Counsellor not Contactable
Where the debt counsellor who. placed you under debt review is not contactable or responding to your emails and phone calls or has closed the business premises
- Log a dispute with the NCR through the prescribed form named Form19
- The Ncr shall investigate and resolveDebt Counsellor no longer involved in debt counselling
Debt Counsellor is no longer involved in debt counselling
Where the debt counsellor is listed as Voluntary Cancelled, Registration Lapsed or Cancelled by Tribunal
- A consumer cannot remain under debt review without an activte debt counsellor
- Log a dispute with the NCR through the prescribed form named Form19
- The Ncr shall investigate and resolve
When you are no longer over-indebted
* The debt counsellor is obliged to review your fincial circumstance and establish if you are still over-indebted or not.
* If the debt counsellor refuse to review your financial circumstances or is not contactable or no longer involved in debt counselling
- You need to engage another debt counsellor to do the review
- Log a dispute with the NCR through the prescribed form named Form19
- The Ncr shall investigate and resolve
IMPORTANT:
The Ncr is dealing with thousands of disputes and your dispute might take long to resolve. You are responsible to make followups for feedback
Your Alternative Option (higly recommended):
You can subscribe to AACS who are trained and certified in debt counselling processes and procedure.
The AACS shall log the dispute and liaise with NCR on your behalf and do weekly followup until the matter is resolved.
The subscription service starts from R30 to R180 pm.
