Tag Archivesdebt review

The Case of Debt Review- Can Consumer Exit Debt Review Early?

Introduction When Consumers are over-indebted, they can use the Debt Review mechanism provided by the National Credit Act 34 of 2005 (NCA) to restructure their debts as long as the Consumer is a natural person and the NCA applicable. In terms of Section 79(1)(a) and (b) of the NCA, a Consumer is over-indebted when he/she […]

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Debt Reviews: How can a Consumer Terminate Proceedings?

In South Africa, more and more Consumers are over indebted and make application to a Court of Law to be placed under Debt Review. A Consumer’s financial position might not always remain the same and may improve to such an extent, that making payments in terms of the granted Court Order, is no longer necessary […]

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Debt Review

Termination of a debt review application/order

The National Credit Act No 34 of 2005, as amended, (hereinafter referred to as “the Act”) makes provision for debt review.  Debt review is a debt rehabilitation program in which the restructuring of a consumer’s debt is made and implemented as a repayment plan. This is mainly to effect one payment a month to all […]

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The National Credit Act and your Debt Review: How does it really work?

The subject of credit and over-indebtedness remains an important and deeply concerning topic in the current economic climate in South Africa. Over the years we have seen consumers incurring debt, not only to live exorbitant lifestyles above their means, but to actually for day to day financial survival. On the flip side of the coin – credit […]

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Debt review – the consequences for debtors and creditors in collection proceedings

According to Ronel de Klerk (de Rebus April 2012) and as we have written in numerous news items on our website, a string of recent judgments regarding debt review (in terms of the National Credit Act 34 of 2005 ( NCA)), has rocked the proverbial boat for all concerned. These judgments include Nedbank Ltd and […]

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