FAQs

A section 129 notice is a formal letter of demand from your creditors. It is the last step before the legal process, in which the creditor will take you to court in order to ensure that you make your payments to them. On receiving this notice, you should ...

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 ...

Question from a South African consumer: My credit record has been breached and I have become a victim of Fraud. I was contacted by Telkom a few months ago, stating that I owed R2000 and that I am to make the payment before my landline is terminated. Howev...

A South African consumer approached DebtBusters with the following budget related question: I am earning a good income, but I am struggling to make ends meet and always spend out of my budget. Can you please advise on how I can sort out my debts and still...

A South African consumer approached DebtBusters for advice on how to eradicate debt accumulated due to job loss: My husband and I both had good jobs and we have always been able to afford our expenses. Due to the recession and the poor economic circumstan...

A South African consumer approached DebtBusters and asked the following question about debt consolidation: I would like to apply for debt consolidation, but I am worried about whether it will be effective in the long run. I am in a financial situation, ri...

The following information is related to Emoluments Attachment Orders (EAO): There has been a growing public awareness of the abuse of EAO’s in the industry On the 16th of April Deborah Patton did a expose on the abuses of EAO’s by Credit Providers and the...

Are you drowning in debt and dreaming of the day it all just disappears? Is your debt extremely old? You have a chance for your dreams to come true.  Debt Prescription is essentially when your debt expires, meaning you no longer have to pay it. ...

The following table represents the difference between a section 129 notice and a letter of demand. SECTION 129 LETTER OF DEMAND Derived from The National Credit Act 2007 Derived from the Common Law Act prior to 2005 Introduces timeframes into the default ...

It’s important for South African consumers to understand sequestration as it is a process that could affect an individuals financial future. But, let’s not get ahead of ourselves. What is sequestration? Sequestration is a legal process whereby a consumer’...

If you are experiencing problems with a credit bureau, then following advice will help steer you in the right direction. When can the Credit Ombud help resolve issues? The Credit Ombud has permission to intervene and resolve any complaints about credit in...

Credit report information: Credit reports display both positive and negative information based on the actions you have taken with regards to your credit. The following information may be present on your credit report: 1. Defaults: A persistent default wil...