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What is the first step to dealing with my debt problems?
Contact CLEARDEBT,
Complete our online application or SMS "DEBT" to 34007 and
we will be contacting you.
Why use CLEARDEBT?
CLEARDEBT offers people who are over-indebted a way to negotiate
a more affordable repayment plan with their creditors. The
process is provided for in the
National Credit Act (NCA), which became fully effective
on June 1 2007, and applies to credit agreements entered into
before and after that date.
What is Debt Review?
"Debt review" means an application
by a natural person ("consumer") to a debt counsellor to investigate
the financial position of the consumer. If it is determined
that the consumer is unable to, or may experience difficulty
in, meeting all his financial obligations the debt counsellor
may propose a debt re-arrangement plan to all credit providers,
or make a proposal to the Magistrate's Court to re-arrange
the consumer's obligations and/or declare one or more of the
consumer's credit agreements reckless.
How long will it take for my finances to improve?
Immediately, Your budget will be calculated to allow you reasonable living expenses, whilst paying your creditors an amount that is affordable to you. Direct payment towards the creditors will stop, and a reduced monthly payment will be made towards the National Payment Distribution Agency (NPDA) appointed by the National Credit Regulator.
What will it cost me?
CLEARDEBT charges absolutely NO upfront consulting or application fees.
Why use ClearDebt?
ClearDebts solution is cheaper and faster than those of other debt counsellors. Our solution is cheaper because we don't charge upfront application, consulting or restructuring fees. Any legal costs that we incur in maintaining your credit status and protecting your assets are also included in your monthly restructured fee.
Do you make a loan to me?
No. Instead we calculate and negotiate an affordable monthly payment to your creditors that will enable you to maintain a reasonably lifestyle.
Will my colleagues and employer find out about my debt problems?
No. We treat all information that you provide to us as private and confidential, and we will never contact you at work unless asked to do so.
Can my creditors still take action against me?
Once you enter into Debt Review your creditors may not exercise or enforce by litigation or any other judicial process any right or security under that agreement until the Magistrate’s Court hearing the matter makes a decision which it considers to be just in the circumstances.
Will ClearDebt list me or send my information to the credit bureaus?
You will NOT be blacklisted.
We will notify and advise all credit providers, and all registered credit bureaus that you have applied for debt review. The reason for this is that, a consumer may not enter into any credit agreements; or use any credit facilities while under debt review this shows a further commitment to us that you are serious about terminating your debt and freeing yourself of this ever increasing social burden.
What is a credit bureau report?
This is the report that potential credit providers obtain when considering giving you credit. You may receive one free report a year by contacting Experian on 086 110 5665 or Transunion on 086 148 2482.
What if I already received a letter of demand?
We can still assist you.
Do I have to meet with you in person?
It is preferable to meet with one of our consultants so that the necessary documentation may be obtained from you and any questions you may have can be addressed directly. However, should you wish to sign up and send all your documentation electronically, by fax or by delivery this can easily be arranged. Complete our online application. We will treat all information that you provide us as confidential.
Who will deal with my creditors?
Either ClearDebt or the attorney appointed by ClearDebt to act on your behalf will negotiate with your creditors.
I am unemployed. Can ClearDebt assist me?
No. You have to earn an income for Clear Debt to be able to assist you.
I am employed, but my spouse is unemployed. Can I join ClearDebt?
Yes, you can join ClearDebt
How long will it take before I am financially healthy again?
This will depend on your level of indebtedness and commitment to the process. Remember, it took a while for you to reach your current state of indebtedness so reaching financial health will not happen overnight.
Do you consolidate my debt?
No. We manage your debt to enable you to become financially healthy again whilst remaining economically active.
Will I be able to obtain Credit Again?
When the consumer’s financial position betters, which it will if he upholds his restructured repayment agreement, and gives his full co-operation to Clear Debt, a clearance certificate will be issued and his status removed from the credit bureaus database.
What do I need to provide to Clear Debt?
- Proof of income (pay slip)
- If working overtime or for commission, include at least 6 months of salary slips
- Copy Of ID
- List ALL creditors and include ONE recent statement for every creditor
- When handed over to an attorney, list attorney, together with creditor
- Credit Bureau report (debt counselor may draw this at R50 each)
- When married in Community of property, the spouse ‘s details MUST be included
- List of Essential Monthly Living Expenses
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