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You don't have to part with any individual info to take the evaluation."We will assist you to lastly become financial obligation complimentary by negotiating with financial institutions to freeze the interest on your provable unsecured debts," states one website. On the majority of these websites, there is no mention of "financial obligation counselling" and you will find no NCR registration number (a number preceded by the letters NCRDC) for any debt counsellor.

Before engaging with a financial obligation counsellor, you must ask for their NCRDC number and examine the regulator's website ( under NCR Departments) to see if the financial obligation counsellor remains in fact signed up or if their registration has been cancelled by the National Customer Tribunal (NCT) for some or other misbehaviours.

South Africa's new debt relief laws will make it tougher to get a loan

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If somebody who is not signed up charges you a charge to position you in financial obligation counselling this is scams and you must lodge a problem with the NCR, the NCT and the cops. Be very mindful of offers of financial obligation relief.  debts solution  is a mechanism presented in the most recent change to the National Credit Act.

A Biased View of Beware of debt relief scams - SowetanLIVE

Even if you meet the criteria to apply for financial obligation relief, the beginning date has yet to be announced. When it does commence, you will not necessarily have your debts extinguished or suspended. Rather, you may be positioned in a kind of debt evaluation administered by the regulator. Trudie Broekmann, a lawyer specialising in consumer law, says any business appealing services that are likely to be impossible to deliver such as getting debts crossed out and stopping financial institutions from chasing you is breaking the law."This kind of deceptive marketing is forbidden by the Customer Security Act (CERTIFIED PUBLIC ACCOUNTANT) in at least four different sections of the act.