If you apply for credit in South Africa you are entitled to certain basic rights. Angelique Ruzicka consults the National Debt Mediation Association (NDMA) the National Credit Regulator (NCR) to find out exactly what those rights are. On 15 March we celebrate World Consumer Rights Day with the theme “Consumer Justice Now”. There are many […]
27 November 2012
When a consumer comes to DebtBusters we will go through the income and expenses and come out with a figure called the rehabilitation amount. This rehabilitation amount is the amount you have available to pay for your debt each and every month. With our acceptance rate on new repayment plans at 90%, it means the creditors have agreed to receive a lower monthly instalment, often at a lower interest rate. This is a massive benefit to you!
Do not waste this opportunity and make sure you pay your full rehabilitation amount each and every month.
It is critical to make a full payment or else to advise DebtBusters of the reduced payment and the reason thereof. Hyphen PDA (a registered PDA with the NCR and a member of the First Rand Group) will not distribute a payment received unless it is more than 60% of what is expected. By paying less than what you have agreed to, you have already placed yourself at risk of the credit provider terminating your debt review status. The reason for Hyphen therefore not making a payment is not for them to make money but to rather save the consumer money. It is strongly recommended to implement the following practise when making reduced payments:
1) If full payment will be made in the same month but not in accordance to the payment due date, then rather notify DebtBusters of the delay and wait till you have the full amount to make 1 payment. Do not make multiple payments
2) If full payment cannot be made then notify DebtBusters 5 business days before payment due date of the reason for the short payment so that we can amend your payment plan and notify the credit providers accordingly
Making regular payment according to the agreed amount remains your responsibility yet we do realise that certain unexpected circumstances may occur. We will try our best to assist where possible and try to mitigate the risks but this can only be done if we are proactively made aware of the issue being experienced so that we can update the relevant financial systems and notify the credit providers accordingly. Please contact us immediately on 0861 66 33 28 if you are experiencing or likely to be experiencing any problems in the future so that we may assist.