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FAQs

Free resources to help you understand, manage, and improve your financial health.

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Debt Counselling and how it works

A debt consolidation loan, whereby you borrow one large amount of money in order to pay off all your smaller debts would be a solution that can assist you with becoming debt free. Basically, you consolidate your debt into one amount and thus, no longer have to deal with the hassle of making multiple payments. But, due to the spiralling debt crisis in South Africa, the banks have turned down the taps on unsecured lending, making it more difficult to get a debt consolidation loan.

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There are two different options you can try to settle your debt before joining the debt counselling process: a pre-existing bond or bettering your financial situation.

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If a credit provider does grant you a debt consolidation loan, they will usually loan you the money with high interest rates attached. High interest rates are not the answer to your situation, as it will make it more difficult for you to pay back your debt.

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No, DebtBusters will be able to advise you either way.

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As per the National Credit Act (NCA), credit providers do not have to reduce interest rates.

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If a credit provider or debt collector contacts you, the best option would be to contact DebtBusters straight away and we will advise you on the best debt solution for your needs.

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DebtBusters will do their best to construct a new repayment plan for the credit providers, however if this is not successful, the matter will be referred to the Magistrate’s Court for further examination and final decision making.

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All debt solutions are implemented through DebtBusters systematic business processes, however they have several differentiating factors.

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The National Credit Act implemented the inclusion of your homeloan in the debt review process, to assist consumers with keeping their homes. The NCA requires that all debt agreements are included in the debt review. In addition to including your home loan under debt counselling, the following tips should be taken into account and will assist with making sure you are able to pay off your debt in no time.

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If clients are under debt review with DebtBusters and have been sent legal documents, they must notify DebtBusters immediately.

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There is not a maximum period of time that a client can be on debt counselling.

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DebtBusters suggest that clients advise the credit providers that they have applied for debt review in terms of section 86 of the National Credit Act.

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Clients are able to move and work overseas, however DebtBusters insists that clients advise them beforehand.

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If clients are struggling to make their monthly repayment, it is best that they contact DebtBusters client services immediately.

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A DebtBusters consultant will go through the client’s budget and advise the client on the optimal affordable amount.

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Credit Providers are not allowed to change their minds once the debt counselling proposal has been agreed upon

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To sum everything up, if you are married in community of property, both you and your partner need to apply for debt counselling.

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DebtBusters will include home loans, vehicle finance, credit cards, overdrafts, store cards, personal loans and micro loans in the debt counselling process.

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Clients can still contact DebtBusters if they already have judgements against them.

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Determining whether you are in debt and in need of debt counselling can be done by asking yourself the following questions.

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Once your divorce settlement has been finalised, what happens to your debt counselling process that is currently in place can vary according to your personal situation.

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Clients will not be allowed or able to apply for more credit or use their credit cards, while under debt review.

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If the client’s proposal solves under the debt counselling rules engine (DCRS), as per 80% of proposals do, then the banks will reduce the monthly fees & interest rates on their system, upon acceptance by the creditor.

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Debt review is not a credit agreement, therefore allowing clients to rent property if they are under the process.

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Nowadays, signing up for debt counselling should not have any impact on your current job or on future employment opportunities and prospects.

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In order for debt review to be rolled out, a court order has to be granted. The court order is put in place in order to legally protect clients from being hassled by credit providers, as well as to prevent creditors from taking legal action against them.

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Debt Counselling is a formal process, which is governed by the National Credit Act. Your monthly debt repayment amount is specific to your situation and how much you owe on your debt in total.

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Once you have finished paying off your unsecured debt, settled your vehicle finance account/s and your home loan account is up to date, you will qualify to receive a clearance certificate.

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When you are under debt review, your outstanding debt will not continue to keep growing.

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Benefits and why DebtBusters

Debt review allows you to consolidate your debt without having to take out a loan.

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DebtBusters is a reputable and well known debt management company, registered with the National Credit Regulator.

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Debt review can be considered as a much better option for eradicating debt as opposed to making other arrangements, as the process is more efficient, safer and will ensure that you are debt free within a period of five years.

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DebtBusters is one of South Africa’s leading debt management companies, which comprises extremely qualified, knowledgeable and supportive debt counsellors that will negotiate with credit providers on the behalf of clients.

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How to apply for debt counselling

Yes, DebtBusters operate nationwide, from a central office as common practice. DebtBusters have attorneys in every jurisdiction of South Africa.

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No, in order for DebtBusters to deliver their services to South African consumers struggling to manage their finances and to solve their debt problems, a formal face to face interview conducted on the DebtBusters premises is not required in order for a client to make the purchase.

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There are various requirements that need to be met in order for one to qualify for debt counselling. Debt counselling is best suited to South African consumers who are...

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Life after debt counselling

Before understanding what you are allowed to do once the debt counselling process has been completed, it is important to understand what happens during the process and why you are unable to take on additional credit while under debt counselling.

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Other FAQs and top tips

A credit bureau collects and stores data supplied by credit providers. The data is used to draw up a record of how consumers manage their credit. Credit bureaus fulfill the duty of gathering data and compiling reports on individual consumers and allocate them a credit score.

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The best process going forward would be to lodge a dispute at the credit bureau on this specific account, which will be reflected on your credit report. A dispute consists of challenging the credit bureau with regards to the level of accuracy of the information listed on the credit report.

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Managing your debts and money poorly can have detrimental effect on your finances as a whole. It is vital that you implement good money management habits as soon as possible, in order to prevent further stress and accruing more debt. The following tips from DebtBusters can assist you with keeping your debt under control.

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Debt is something that is currently affecting many South Africans and their households due to numerous factors, such as job loss. When someone loses a job, it is vital that you take the following factors into consideration.

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There has been a growing public awareness of the abuse of emoluments attachment orders (EAOs) in the industry.

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Prescription was introduced as means of protecting South African consumers from unscrupulous credit providers, who are accountable for recklessly lending credit and have contributed to the detrimental debt crisis South Africa currently faces.

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The following table represents the difference between a section 129 notice and a letter of demand.

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A section 129 notice is the last step before the legal process begins and it can be considered one of your last chances to do something to prevent legal action from your creditors.

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Sequestration is a legal process, which can be better understood by reading the following steps.

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The Credit Ombud has permission to intervene and resolve any complaints about credit information held by a credit bureau if they relate to the following topics...

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Credit reports display both positive and negative information based on the actions you have taken with regards to your credit.

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The credit process differs according to the type of credit you wish you apply for.

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Reckless lending is something that has become a vital concern of DebtBusters, as many South African consumers have fallen victim to it.

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Fri: 07:00 - 18:00
Sat: 09:00 - 12:30

Call our experts now on 0861 365 910Registered debt counsellor NCRDC2484A member of the National Debt Counsellors Association