Debt Therapy Debt Therapy

Will creditors continue pursuing me for payments?

Your creditors shall according to National Credit Act stop pursuing you when you have been placed under debt review. Sometimes it can take a bit of time for creditors to update all their departments that you are under review – should they contact you, let them know that we are your debt counsellors us and that we are acting on your behalf. You should forward any letters for us to deal with on your behalf.

Will I receive a default notice?

Creditors may initially send out Default Notices in order to protect their legal position, but once you are under debt review you are under the legal protection of the Credit Act and creditors cannot take legal action against you for a 60 business day period. We will deal with any issues you may have initially until everything is agreed and legally contracted via consent orders with your creditors. Just refer your creditors to us.

Can my creditors refuse to accept lower payment under the debt review plan?

There are very few cases where we don’t come to an agreement with creditors for reduced payments. This will then be challenged in court if we see merit in the case.
The critical thing when being under debt review is to be committed to the new, reduced, payment plan. If payments are missed your creditors have the right to terminate your debt review.

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Debt Therapy (Pty) Ltd
Unit 9
1st Floor
Time business park
37 Blaauwberg Road
Cape Town
7441 Debt Therapy