Abacus Debt Consulting

12/09/2023

**"Debt Counselling is a formal legal process that provides for a consumer to be declared over indebted and for the Debt Counsellor to negotiate a restructured payment plan and obtain a court order confirming the new repayment plan.**

03/08/2023

26/07/2023

DIFFERENCE BETWEEN DEBT CONSOLLIDATION AND DEBT REVIEW.

Please note that if you do enter into a consolidation loan there is additional costs not explained in this opinion by the FNB official.

- the amount owed will be more than what the total of the smaller agreements to be consolidated into one loan will be and
- the installment in total probably more than the total of the installments of all the other credit agreements.

https://springsadvertiser.co.za/294586/debt-consolidation-and-debt-review-what-you-need-to-know-2/?fbclid=IwAR0aCUhStkY_Amz6tIgp1wVdEr6nK8maQTQBsyp3FbaT2r8IxCbPJ6fyt9s

While debt consolidation and debt review are used interchangeably but mean different things.

10/05/2023

NOT MAKING PAYMENTS in debt review has the same consequences as when you do not make payments in normal circumstances. Debt review still requires payments to be made.
If you are not in debt review and you default on payments a section 129 letter of demand is issued, IN this letter you are advised to seek a solution which may be to catch up on the arrears, seek the services of a debt counsellor or an ADR or make arrangements with the credit provider. This letter is usually sent after 20 workings days of the date of default. You have to take action also within a 20 working days of receipt thereof.
If you are in default when applying for debt review you have some protection for 60 days but this does not mean that you have a payment holiday. You don't. Even if the debt counsellor reduces the installment with the credit provider the matter has to be concluded in a debt review order expeditiously. If the matter has not been filed in court within 60 days of the date of your application then the credit providers may terminate their involvement ito section 86(10) with a notice to the debt counsellor, the NCR and YOU. It is usually emailed. Your debt counsellor will know if there is such a letter. If the matter is still before court, the debt counsellor and the representing lawyer may seek the court to reinstate the credit agreement into debt review depending on the circumstances.
If you have a debt review order and you default on payments credit providers do not have to notify you, the debt counsellor or the NCR and may proceed directly with legal action in issuing a summons.
This is set out in section 88(3) of the NCA and confirmed in a Constitutional Court Ruling.

28/09/2021

While finding additional money to save in your existing budget may be difficult, there are clever methods to save without you realizing it. Join Maya Fisher-French as she shares five easy ways to trick yourself into saving.

17/05/2021

https://www.clearscore.com/za/learn/credit-score-and-report/a-guide-to-the-credit-bureaus-in-south-africa/

We explain what you need to know about South Africa’s four main credit bureaus

16/03/2021

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