Herewith A Detailed Explanation Of Our Services – We Are Not Debt Review Or Administration Service Providers
If you have more than one loan or account e.g. personal loans, store cards, credit cards or any other debt that you are paying monthly instalments on, you can consolidate all the mentioned debt into one affordable monthly payment. If you qualify for a consolidation loan, all your debt will be paid in full and you will then pay one monthly instalment.
Our first step is to establish whether you qualify for a consolidation loan from a registered credit provider.
However, if you do not qualify for a consolidation loan due to qualifying criteria, or due to the fact that you are in arrears or are struggling to make monthly payments on all your debt, the Credit Industry Code of Conduct to combat over-indebtedness makes provision for you to pay a smaller(affordable) monthly amount on all the accounts you have. We will send you a proposal to reduce your monthly payments which will be absolutely affordable to you – Up to 80% less on monthly payments. You then decide if you wish to proceed with our services or not. Legal Assisted Debt Restructuring requires all moneys to be paid into our Attorneys Trust Account for distribution to your creditors.
Example of accounts that can be included: Store cards – e.g. Edgars, Foschini, Mr. Price – Credit cards, Personal loans, School fees, Payday Loans and Bank Overdraft.
The Credit Industry Code of Conduct to Combat Over-Indebtedness in terms of Section 48(1) (b) of the National Credit Act(NCA), entered into by all credit providers that provide services as set out in the National Credit Act, provide for the following in Section 1.4 of the Code of Conduct:
“1.4. We recognise that consumers should not be provided with credit unless they are able to afford the credit for which they have applied. We recognise that where possible, over-indebted consumers should preferably obtain relief through consensual arrangements with their credit providers matched by reciprocal commitments from their side with the aim to allow them to recover from their financial difficulties. The achievement of both of these aims constitutes the primary objectives of this Code.”
Over indebted consumers have the right to be assisted by their creditors to recover from their financial difficulties. Creditors and or their collecting agents and or their legal representatives have to assist over indebted consumers to preferably obtain relief through consensual arrangements matched by reciprocal commitments from their side, with the aim to allow them to recover from financial difficulties.
Consensual includes undisputed action from creditors. Should creditors not cooperate in a sympathetic and understood manner regarding consumers over indebted situations, they will be in conflict and or controversy due to one sided demand for payments of un-affordable instalments.