Welcome to our financial wellness programme

email:info@yourdebtfriend.co.za

about us

"A friend in need is a friend indeed"

Your Debt Friend is committed to helping South Africans get rid of their debt. We offer a personalized service where the needs of the individual are of paramount importance. Our services are aimed at empowering the individual so that he/she can take positive financial decisions. We insist on being there for you until you reach your goal of becoming debt free.

Why Choose Us?

  • 1Our professional debt counselors are registered with the National Credit Regulator. They are highly skilled negotiators who have served in the debt counselling industry since inception.
  • 2We provide a personalized debt management service and offer advise on how to manage debt and become debt free in a way that best suits the needs of the individual
  • 3We have a highly qualified legal team that can assist in dealing with all legal aspects including the obtaining of a Debt Review Court order

Our Team

Ferial Theunissen - Project Director

Ferial is a qualified debt counsellor. She's been registered with the NCR since 2008 and has been practicing as a debt counsellor ever since

Sumaya Fredericks - Debt Counsellor

Sumaya comes with a wealth of experience having worked for one of the largest debt counselling firms for years. She is a skilled negotiator and a problem solver.

Shaheeda Salie - Manager

Shaheeda is a skilled administrator who ensures compliance with the NCA and Regulations. She administers the debt review process from start to end and is the link between our Debt Counsellors, our attorneys and you, our valued client. the link between our a

our work

We provide a professional debt counselling service as envisaged by the National Credit Act 34 of 2005. Look at our 5 step plan - it is designed to liberate you from debt in the shortest possible time.

services

Because everyone is unique, our financial wellness programme offers various debt solutions. We know what works for one person may not work for the next and a solution that fit your specific needs must be found.

Debt Counselling

The National Credit Act, Act 34 of 2005 afford every over indebted person the right to apply for Debt Review.

A person is over indebted when his/her monthly debt obligations exceed his/her monthly income after all necessary living expenses has been deducted. The over indebted individual may approach a debt counsellor for assistance. The debt counsellor will do a proper assessment of the individual's state of indebtedness and if it is determined that the consumer is indeed over indebted, the debt counsellor will recommend formal debt review as an option. The advantage of formal debt review is that there are no limit as to your debt amount and you are normally not required to sell your assets. Your debt counsellor will negotiate with your creditors for lower monthly installments that will allow you to retain your assets whilst still servicing your debt.

Administration

If you are struggling to pay off your debt, your debts are R50,000 or less – and you have no assets that can be sold to pay back the debt – then Section 74 of the Magistrate’s Court Act allows you to apply to the court for an administration order. This order will temporarily protect you from your creditors and enforces a repayment plan that enables you to repay your debts while still keeping some money for your basic living costs. The costs are: Administrator’s fees – to apply for the administration order (you only pay this once); Administrator’s fees – to assist you to pay your creditors (you pay this every month, and the amount is capped at 12,5 % of the amount collected); Employer’s fee (5%) – if your employer has to deduct money for creditors from your salary before you get paid (these deductions are called emolument attachment orders); and Interest on the debts that you owe to creditors.

Debt Managment

Debt management are for those consumers who, although they are not over indebted, they do experience financial difficulties either due to the fact that they do not know how to manage their finances or simply because the date on which they get paid was changed, they are unable to make payments on time. We will help you with a budget and will negotiate with your creditors to find a workable solution - one aimed at improving your credit record.

Consolidation

Debt consolidation entails taking out one loan to pay off many smaller loans. This is often done to secure a lower interest rate or to secure a fixed interest rate.

Having many small accounts normally means that interest and service fees must be paid on each one of those accounts. Consolidation brings the convenience of servicing only one loan. It also means the elimination of monthly interest and service fees on those smaller accounts and ultimately translate into savings for the consumers.

The effect may be that the consumer will have more disposable income available as the interest and monthly service charges are lower. The debt could then be settled sooner.

A consumer who applies for a consolidation loan must be credit worthy and must qualify for the loan by passing the credit provider's credit vetting process.

Sequestration

An insolvent consumer, (that is a person who cannot pay his/her debts because they exceed the value of his/her assets) may apply for a sequestration order. The insolvent must place all his assets in the hands of a trustee, who must sell the assets and distribute the cash among the creditors. The creditors or the consumer may apply for the order. A voluntary sequestration is when a debtor voluntarily surrenders his/her estate by applying for a sequestration order. For voluntary sequestrations to succeed the consumer must show that his/her estate is insolvent; he/she owns sufficient realizable property to meet all the costs of sequestration and that sequestration will be to the advantage of his/her creditors as a whole. Compulsory sequestrations These are applications brought by creditors where the consumer is given the opportunity to show cause why his/her estate should not be sequestrated. The applicant must show, however, that sequestration will be to the advantage of the creditors as a whole and that either the consumer has committed an act of insolvency or are, in fact, insolvent.

contact us

Provide us with your details and we will gladly contact you.
  • Your Debt Friend
    Unit 15, Panther Park, Berkley Road, Maitland 7405
  • Email : info@yourdebtfriend.co.za
  • Phone : 021 593 0600
      Phone : 061 420 3636
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Debt Counselling

What is debt counselling

Debt counselling is a formal and closely managed debt solution. It was introduced by the National Credit Act, 34 of 2005 in 2007. The process is driven by a debt counsellor who will guide and assist an over indebted consumer (someone whose income is less than his monthly expenses), enabling the consumer to make monthly debt repayments whilst still being able to care and provide for his family.

Requirements

  • The consumer must be over indebted;
  • must be employed or have a regular income;
  • Must complete an application form and provide the following documents:
  • a copy of ID
  • pay slip/proof of income
  • proof of address
  • copies of account statements
  • Procedure followed by the DC

    • The debt Counsellor (DC) will do the following
    • Consult with the consumer, either in person or telephonically. During this first consultation the DC will obtain the signed application form(Form 16) and all supporting documents.
    • Within 5 days of the application all creditors and credit bureaus will be formally notified of the application for debt review. Creditors will also be asked to provide outstanding balances, interest rates and terms.
    • A proper assessment, taking all income and expenses into account will then be done. Consumers will be expected to commit to a budget in which all luxury items have been limited or removed. They will also not be allowed to incur any further debt.
    • All creditors will be advised of the outcome of the application.
    • If the consumer is found to be over indebted the DC will investigate possible reckless credit. Based on the consumer's circumstances, a payment plan will be devised and proposed to all creditors with a view of obtaining agreements from them.
    • The DC's negotiations will be aimed at lowering interest rates and extending the repayment terms thus reducing monthly installments.
    • The matter will be referred to a Magistrates Court with jurisdiction for an order

    Monthly Payments

    The consumer is at all times responsible for paying his debt. YDF make use of a registered Payment Distribution Agent (PDA) to assist their clients with the distribution of funds to creditors. The consumer must ensure that the funds are available and the PDA will distribute it in accordance with the payment plan. Consumers are also encouraged to increase their monthly repayments whenever they can afford to do so. Once an account is paid-up the PDA will distribute the excess funds to the remaining creditors until all accounts are paid-up.