FAQs
Browse our frequently asked questions.
This is a debt relief measure available to all consumers in South Africa provided for in the National Credit Act. The process assists over-indebted consumers that are struggling with their debt through budget advice and negotiating with the credit providers for reduced payments. Consumers are given financial power whilst allowing them an opportunity to settle and pay off all their debts in approximately five years.
Debt counselling allows for the formulation of a new, enforceable and affordable repayment plan, which is acceptable to all credit providers basing on the National Credit Act.
Yes, it is possible to rent a property. Renting is different from taking a new credit agreement. To facilitate with the issuance of a lease, DebtMap will provide a letter to responsible agencies or landlord indicating that the rentals payable is affordable and is already catered for in the budget.
Debt counsellors work around a 5-year period as prescribed on the national guidelines. However, the actual timeline depends on how much extra money the client is willing to pay towards the debt, the level of debt and interest payable.
This will not have an impact on your policies, because your policies are not credit agreements. Insurance policies are catered for on your monthly living expenses (budget)since you will be paying for them yourself.
Yes, it is possible to rent a property. Renting is different from taking a new credit agreement. To facilitate with the issuance of a lease, DebtMap will provide a letter to responsible agencies or landlord indicating that the rentals payable is affordable and is already catered for in the budget.
In this case both you and your spouse have to apply for debt counselling and be part of the rehabilitation process as joint applicants. Consumers married in community of property are legally classified as a single and joint estate and therefore all assets and liabilities are jointly considered.
It is not necessarily a requirement that a consumer appear in Court because the Debt Counsellor is the one considered as the applicant and whilst the consumers are regarded as respondents. As a consumer, you will be notified of the court proceedings and outcome. Should the magistrate request your presence, which is highly unlikely though, it would merely be to establish certain facts. You will not be questioned by any attorneys or anything like that, because this is merely a court application and not a procedure that requires action.
Clients are able to move and work overseas, what is important is that the consumer continue making their monthly payments. It is however advisable to inform DebtMap prior to relocating.
No. we treat the client’s application in strict confidentiality, hence we do not make phone calls at work unless requested by the client.
No. The assessment is completed online or telephonically unless if the client wants to complete the application at our offices.
Credit providers may reject the proposed debt repayment plan, however, DebtMap will do their best to formulate a new payment plan for the credit providers. Should this not be successful we refer the matter to the Magistrate’s Court for further examination and final decision making
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