Frequently Asked Questions

Answering all the most frequent question you have regarding our services and debt counselling 

What is the NCR

The National Credit Regulator (NCR) was established as regulator under the National Credit Act 34 of 2005 (the Act). The NCR is responsible for the regulation of the South African credit industry and ensures the enforcement of the Act, the registration of credit providers, credit bureau and debt counsellors. All debt counselling companies must be registered and are monitored by the NCR. All companies are inspected bi-annually to ensure compliance. To date, Cyber Finance has successfully passed all inspections and hasn’t received a single complaint.

How do you determine what my creditors will get paid

Working with you, we will calculate a monthly budget and make sure you have enough funds available to cover your daily living expenses in our free financial assessment. The proposal will allow you to pay your creditors with an amount you can afford and ensure the payment rules are complied with.

Can I enter debt review if I’m unemployed

Your debt counsellor will only be able to negotiate a better repayment rate if they can assure your credit providers that you will be able to make the monthly payments. In order for this to realise, you either have to be employed or have some form of monthly income.
If you’re unemployed but find yourself in the following situation, you can apply:
1. You are married in community of property and your spouse is employed;
2. You’re a pensioner.
Note: If you are unsure about your position, we urge you to contact us and we’ll be able to guide you accordingly.

How do I deal with credit providers that keeps phoning me

Once you’ve entered debt review, your credit providers will be notified and by law, they’re not allowed to contact you for the duration of the debt review process. If, however, you do receive communications from a credit provider during this time, please contact us and we’ll deal with them directly.

Will I qualify to rent a property while under debt review

If you’ve previously failed the credit vetting process due to bad payment history, being blacklisted or having judgements against you, our debt counsellors can assist by issuing a Statement of Budget outlining how much you can afford to spend on rent each month. This statement will serve as proof that you qualify to rent a property that falls within your budget.

What is Debt Review

In 2007, debt review was introduced as a legal debt relief process. If you qualify as over-indebted, you have the right to approach a debt counsellor, who will structure a debt repayment plan for you and assist you in applying for debt review. This plan constitutes a legally binding court order and will allow you to repay all your debts at a lower monthly installment, often at a significantly lower interest rate. Find our more about debt review here

How immediate is the debt relief

You will immediately experience debt relief. We will provide you with an affordable debt repayment plan the moment you enter into debt review. The repayment plan will allow you to make a single monthly payment to a Payment Distribution Agency, accredited by the government, who will pay your creditors accordingly.
If at this point, your credit provider has not taken legal action against you yet, they will not be able to do so for 60 days after you’ve entered debt review. This will grant you the protection you need while we get your financial affairs in order.

Can I enter debt review if i’m blacklisted

While you will qualify for debt review if you’ve been blacklisted, the debts for which you have judgements will not be included when we calculate your new debt repayment plan. You are urged to apply for debt review as soon as you can to allow all your debts to be included in your debt repayment plan.

Will I still be able to make use of credit facilities under debt review

No. This is to prevent you from incurring more debt. Only once you’ve settled all of your debts and you’re issued with a Clearance Certificate, will you be able to apply for credit again.

If you feel you want to be able to have access to credit. You can consider one of our other solutions called Voluntary Debt Restructuring. Similar to debt review but more a short term alternative. Click here to read more about debt review vs VDR

What fees will I have to pay to the debt counsellor

Your debt repayment plan will include all the fees owed to your debt counsellor, Legal Advisors and the Payment Distribution Agency.

Can I cancel my debt review

While we encourage everyone who qualifies as over-indebted to enter debt review immediately, you are allowed to cancel before issuing of the form 17.2, usually within the first 10 days. If, after repaying your debts for a period of time, you are no longer over-indebted, you may request a rescinding. However, if the Magistrates court grants the application and you choose not to continue with your debt repayment plan, you no longer legally protected and your creditors might return to charging higher interest rates.
Note: This is an application to the Magistrates court and costly for that reason. You will be expected to pay all costs upfront.