If you are over-indebted and falling behind with your debt repayments, debt review can protect your assets by arranging a structured, affordable repayment plan for your outstanding debt.
This asset protection forms part of the National Credit Act. Credit providers cannot take legal action against you if you go under debt review. This means that aside from the protection of your assets, you will also end up paying less for your debt on a monthly basis.
The National Credit Act of 2005 (NCA) aims to prevent reckless credit and to settle disputes between debtors and creditors more amicably (in general), as opposed to litigating these matters immediately.
As a debtor you can:
- refer a matter to a debt counsellor for advice or relevant ombudsman for dispute resolution,
- make application (debtor) to be placed under administration.
The aim of a Debt Review is to determine your level of indebtedness and after a proper analysis, a qualified Attorney will be able to advise you on the most beneficial way forward for you, even if it means exiting the Debt Review process.
Our qualified attorneys will draw up a budget that will indicate your income vs your expenses. This will give Francois Uys Incorporated a clear indication what you can really afford in line with what you are currently spending on debt repayments and legal action enforcement debt obligations.