Blogs

Is Zero Debt registered?

Is Zero Debt registered in accordance with the National Credit Act? Zero Debt has been registered with the National Credit Regulator (NCR) since 2009. You can view our registration certificate by clicking the NCR link at the bottom of the page. All our debt consultants are registered with the NCR and have years of experience …

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Can I still rent a property if I am under debt review?

The debt review process as such is not classified as a credit agreement and you will therefore able to rent a property. In fact, we will make provision for your rent expense in your debt restructuring budget and can provide the agent or lessor with a letter that confirms that you are in a position …

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What happens with my property bond if all my debt is paid off after I have completed the debt review term?

You have the option to cancel the debt review process once all your unsecured debt has been paid off.  If you still cannot afford the full bond instalment, we suggest that you continue with debt review until such time that you are in a position to pay the full required instalment on your own.
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What costs will I incur by applying for debt review?

The costs that you incur consists of debt counselling fees and legal fees. The debt counselling fees that we charge are regulated by the National Credit Regulator and should be the same regardless of which registered debt counselling company you use. The precise costs will depend on the type of debt that you have and …

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Are there any accounts that do not get included?

Only credit agreements as defined in the National Credit Act may be included in the debt review process. Accounts such as doctor and cell phone accounts are excluded. Also excluded are accounts in respect of which legal action has been initiated (prior to your application for debt review) or where judgement and/or garnishee order(s) have …

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Is debt review the same as being put under administration?

No. Administration only applies to consumers whose total debt do not exceed R50,000 and normally lasts much longer and is much more costly. We aim to achieve a debt free status within 36 to 60 months.
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Will I be listed on ITC or the credit bureau?

You cannot be listed on ITC when you are under debt review. When you apply for debt review, we notify the credit bureaus to merely flag your name. The flag is basically an indication to credit providers that you are under debt review.
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What is the term or period for this process?

We work out the best possible debt restructuring proposal for our clients. We attempt to reduce the interest rates on all your debt by as much as we can and our main aim is to reduce your monthly debt obligations based on what is affordable in your circumstances. This process enables our customers to repay …

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A credit provider has obtained a garnishee order against my salary. Can I include this account in my debt review application?

We cannot include any accounts in the debt review process where legal action has commenced.  It is therefore important that you apply for debt review sooner rather than later. If you already have a garnishee order against you, we can make provision for the monthly amount in your restructured debt plan.
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