Terms and Conditions

1. Definition of terms

1.1 The Company means Debt Therapy Pty. Ltd. whose office is registered at: Unit 9, 1st Floor, Time Business Park, 37 Blaauwberg Rd, Table View, 7441 Cape Town.

1.2 The Client means the person signing authority to act form.

1.3 “The creditors” mean the creditors of the Client as disclosed to the Company.

1.4 “Fees means” the fees to be paid by the Client to the Company in accordance with clause 5 for the provision of services.

1.5 “The services” means the service to be provided by the Company to the Client in accordance with clauses 2 and 3.

1.6 “The programme” means the schedule of payments to the creditors as prepared by the Company in accordance with clause 3

2. Agreements to appoint

The Client hereby appoints the Company to provide the services of debt counsellor/adjuster and financial intermediary and further authorises the Company to negotiate with the Clients Creditors with a view to agreeing with them a solution to any outstanding financial issues which may include amongst others, a comprehensive repayment schedule and money management and disbursement plan.

3. Responsibilities to the Company

3.1 The company will communicate with all Credit Bureaus and Creditors that you have come under debt review with Debt Therapy in accordance with the National Credit Act.

3.2 The Company will examine the details of the Clients income, outgoings, assets, liabilities, creditors and related credit agreements, as a provided to the Company by the Client in accordance with clause 4.1 and shall determine the Client assets and liabilities and net disposable income in accordance with the details so supplied, being the amount that the Client can afford to pay to all his creditors either by way of monthly repayments of the sums outstanding or by way of full and final settlement of sums outstanding, or any reasonable plan offered by the Company as a solution to the Client’s debt problems or money management problems having taken account of Clients income, outgoings, assets, liabilities and reasonable living expenses.

3.3 The Company will communicate to the creditors the net disposable monthly income available to them based on either a pro-rata formula or other appropriate breakdown of net disposable income. The Company will then represent the Client in any future discussions with the creditors. The Company will use reasonable endeavours to secure the creditors acceptance of a solution to the Client’s debt problem which may or may not include lower weekly/monthly repayments, the freezing of interest charges and the withdrawal/suspension or proceedings or enforcement proceedings in respect of outstanding default or non payment under the terms of the Clients agreements with his creditors.

3.4 In consultation with the Client and taking account of the Client assets and liabilities and net disposable income figure calculated in accordance with clause 3.1 above and reflecting the payments required pursuant to the negotiations with the creditors carried out in accordance with clause 3.2 the Company will, if requested, prepare a written programme for the repayment of all creditors on behalf of the Client out of the Clients net disposable income. This will enable the Client to pay the creditors on a pro-rata basis, if this, is deemed to be in the best interest of the Client. The function of this programme is to enable the creditor to receive an appropriate share of the Clients disposable income. Payments by the Client will be made directly to the Company’s Client fund holding account. The Company will then pay the creditors minus the fee once per month after cleared funds are recorded. Where possible monthly payments will be disbursed on the 25 th day of each month.

3.5 In the event, that the exact details of the amounts required to repay any individual creditor are not available at the time of preparation of the programme, the Company will prepare the programme on the basis of estimates of the amounts due from the creditors concerned, as provided by the Client. In such circumstances the programme will include a statement to the effect that for the sums in respect of interest and other charges may be due from the individual creditors concerned and accordingly the programme cannot include a definite statement of the total amount outstanding and the period over which repayment can be affected. However, the Company is only able to provide such information as provided by the creditors.

3.6 The Company shall liaise with the Client and creditors during the term of the arrangement at the Company’s discretion and shall use reasonable endeavours to negotiate a revised programme if necessitated by the Client inability to meet the repayment schedule and/or by a change in the Client’s personal circumstances.

3.7 The Company will throughout the duration of this agreement provide, at no further expense to the Client, the services of debt counsellor to discuss, advise and council the Client as to his debt situation or more general money management position.

3.8 The Company will not provide a substantive legal advice itself, but will endeavour to provide assistance wherever possible.

3.9 The Company will provide to the Client at any time information regarding alternative money advice options that are available

4. Duties of the Client

4.1 The Client shall provide to the Company his personal finances including, but not limited to the following together with copy documentation (if requested):-

4.1.1 Net income

4.1.2 All outgoings

4.1.3 His dependants

4.1.4 Creditors including the names and addresses, the goods secured under any credit or hire or similar agreements, the amount outstanding and the outstanding terms of any agreements.

4.1.5 Bonds or charges over his property.

4.1.6 Outstanding rates and taxes.

4.1.7 Any enforcement actions taken or threatened by the creditors to date

4.1.8 Any outstanding judgment debts.

    • Once to the programme has been accepted by the Client, the Company will confirm in writing the monthly contribution payable, and on which date the payment is due. If the Client accepts the programme he shall make his first payment to the Company on the date specified. Thereafter the Client will make regular monthly payments in accordance with the programme by standing order, Cheque or by paying in book.
    • The Client shall make each payment directly to a centralised payment distribution agancy approved by the National Credit Regulator.
    • In the event that the Client does not accept the programme the Client shall not be responsible for any costs incurred by the Company.
    • Following acceptance of the programme in accordance with clause 4.2 the Client will not thereafter use his credit cards or other sources of credit nor incur any further debts other than those relating to his normal living expenses.

5. Payment of fees

The Client will pay a once off setting up fee in accordance with the national Credit Regulator (currently R50).

6. Termination of agreement

6.1 The Client may give written notification to terminate the agreement with the Company at any time during the programme.

6.2 The Company withhold the right to terminate the agreement with the Client in relation to any one of the following

6.2.1 The Client breached the agreement and does not remedy the breach within 7 days of the Company bringing the breach to the Client’s attention.

6.2.2 If the client is placed under an order of provisional or final sequestration or winding up, whether voluntary or not, and judicial management.

6.2.3 The Client enters in to a compromise with its creditors.

6.2.4 With the information provided to the Company by the Client is knowingly incorrect

6.2.5 If the Company is affected by Force Majeure.

7. Confidentiality

The Company agrees to keep confidential all information received from or about the Client save that the Company may refer such information about the Clients income and outgoings to his creditors as it may reasonably consider necessary with a view to negotiating with the terms for the rescheduling of their debt

8. Interpretation

Words importing the singular number shall include the plural and vice versa and words importing the masculine shall include the feminine and neuter and vice versa.

9. Warranty

The Client hereby warrants and confirms that all information provided to the Company is true and accurate.

10. Notices

Any notices served under this agreement will be validly served if sent to the address of the party, concerned as given in this agreement by the ordinary course of post. The Notice shall be deemed served 72 hours after posting. This agreement shall be governed under South African Law.

 11. “The parties agree that this agreement constitutes to the sole agreement between them and that any representations, warranties or the like made by one party to the other will have no force and effect unless reduced to writing and signed by both parties”.

 12. In the event that the company is obliged to institute legal proceedings against the client for a breach of its obligation in terms of this agreement then the client agrees that the company shall be entitled to claim payment of its legal costs on the scale as between Attorney & Own Client, collection commission and tracers fees”.

 13. “The client understands that the service offered by the company is a compromise arrangement that is negotiated and concluded by the company between the client and its general body of creditors and is not a  guarantee or warranty against possible further legal proceedings being instituted against the client by any creditor. The company, its agents, assigns or employees will under no circumstances be liable to the client for any damages that it may suffer as a result of any creditor electing to proceed against it in accordance with South African law or any consequential loss which may arise therefrom”.

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Testimonials

I just want to use this opportunity to say thank you to everyone I dealt with at Debt Therapy. You guys were always very professional and you are absolute life savers. As far as I am concerned you are the best debt review company in South Africa.

Thank you

Leonie

Since I handed over the distribution of my debt to Debt Therapy I have had piece of mind, I do not receive numerous phone calls from rude creditors demanding payments. Even setting up the process was simple and quick. Today I have less stress and no fear of answering the phone. Thank you Debt Therapy for making my life so much easier.

YvonneJohannesburg

Good Day Everyone

I just want to say thank you from the bottom of my heart to all of you at Debt-Therapy You never disappointed me and you paid my creditors every month. Because of you I am debt free today. It feels so good to say it….. I am debt free!

Please keep up the good work for the clients that are still striving to become debt free.

Thank you so much and kind regards

Cynthia

Since we started with the debt review, the very 1st month we experienced the difference it made to our lives, for the 1st time in months we could walk into a mall & do monthly shopping & that’s how it’s been for is the last 3 months. For the 1st time in years I am looking forward 2 the festive season & my wife & I are planning on working plenty of overtime, save up some money & buy a cheap, decent car.

Thank you for your excellent service, you did more than just adding a client on your books, you changed the life of 4 people, my wife, kids & myself.

God Bless

Aidan Peters

On the 26th July 2017 my husband and I had a debt review meeting at your offices in Table View.

We just need to bring to your attention the wonderful service that we received from Tara Simke.

Tara was extremely knowledgeable on the topic of debt review and gave us great peace of mind to do business with Debt Therapy.

We will highly recommend your company to future clients.

Thank you once again to Tara for the first class service.

Yours sincerely

Bets and Peter Denyssen

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