We offer a service aimed at relieving your credit burden permanently without affecting your credit status or creditworthiness. This service does not involve debt counselling (only temporary relief) or sequestration (insolvency).
A large number of debts are unenforceable due to reckless lending – the court may set the credit agreements aside and you will then no longer be liable for those debts.
Do you fall into one or more of the following categories?
- When you incurred the debt, it was foreseeable that your income stream to repay instalments would cease within the period of repayment, e.g. retirement.
- The credit provider took the income of a person who signed as a surety on your behalf, into account when assessing your affordability to repay the debt.
- The credit provider made no endeavour to explain the terms of the agreement to you.
- The credit provider did not explain the terms of the agreement to you.
- The credit provider did not ask you for proof of income, e.g. an official salary slip / bank statements or latest financial statements, if you are self employed.
- The credit provider did not do a proper assessment of your monthly expenditure.
- The credit provider did comply with the last two aspects above, but the information revealed that it would be almost impossible for you to afford to pay the monthly instalments.
- The credit provider did not ask you for your consent to obtain a past credit history at Credit Bureaus.
- The credit provider took into account an income source being paid to you by e.g. a family member or friend to assist you to cope financially.
- The credit provider took income into account from another person, e.g. a family member or a friend who is assisting you to cope financially.
- The credit provider granted you credit to consolidate your debt and did not explain that the credit granted by it is to replace the debt being consolidated and/or did not take practical steps to ensure that the credit granted is properly used for such purposes.
- The credit provider did not explain the various credit costs and total cost of the credit to you in a pre-agreement statement and quotation.
- You are married out of community of property and the credit provider did not take your spouse’s income and expenditure into account, which is relevant to determine your obligations to contribute to household expenses.
Each and every increase of a credit facility calls for the credit provider to comply with a new / review of every aspect of compliance, as done when the credit facility was initially granted.
If one or more of the said enquiries reveal non compliance by the credit provider with the National Credit Act, we shall request you to provide the creditor’s/s’ name/s and account number/s to enable us to obtain all the records relating to the agreement/s and the creditor’s/s’ assessment done, inclusive of all documents and transcriptions of recorded telephone conversations which, by law, must be provided within 30 days.
If you fall within one or more of the above categories, we shall request you to provide us with the creditor’s/s’ name/s and account number/s to enable us to obtain all the records relating to the agreement/s and the creditor’s/ls assessment done, including all documents and transcriptions of recorded telephone conversations which, by law, they must provide us within 30 days.
Once we receive the records from the creditor provider/s the records will be scrutinized by a highly qualified expert who was previously employed in the banking industry to provide an opinion on whether you qualify to have the particular agreement/s set aside.
If the expert is of the opinion that the agreement/s should be set aside, we shall recommend an Application to Court for a Declaratory Order that the particular agreement/s be set aside.
If you have intentionally provided false information or withheld information to the credit provider in order to qualify for the credit granted, you will not be protected by the National Credit Act.
Disclaimer: This article is for information purpose only and does not constitute legal advice. Call on our attorneys for legal advice, rather than relying on the information herein to make any decisions. The information is relevant to the date of publishing.