The debt review process cannot be started by just anyone. In order to assist consumers with debt review, a debt review expert must be qualified to do so. Any person offering to help with the debt review process that is not legally sanctioned to do so will face consequences and the debt review process will be voided. This means that if someone falsely provides debt review help, the consumer can face bigger debt problems than they had when going into the debt review to begin with.
In order to ascertain whether or not a debt review expert is allowed to help with the debt review process, the consumer should ask them to produce their NCR registration. No person can dispense debt review advice without registering with the NCR, as the NCR regulates all debt review practices in South Africa. Secondly they should also provide verification of all their qualifications. If they cannot do so, the consumer should seek out a debt review expert that is able to provide these documents. Allowing someone else to manage your finances and take over your debt payment is big decision and the correct person should be selected with care.
Consumer should also take the time to study The National Credit Act and familiarise themselves with those sections that pertain to debt review. By doing so they come into the debt review process armed with knowledge. This means that they will be able to identify if a debt review expert is not in fact an expert and they can have a list of question drawn up to ask them.
The debt review process is not complicated, but it is best left to registered and qualified experts in order to keep the process within the letter of the law.
Article written by: Andrea van Tonder 06-2013