The NCA brought about remedies for consumers who are experiencing stressful financial times. Consumers who are over-indebted can approach a debt counsellor and apply for debt review.
This effectively means that your debt obligations under credit agreements are managed and administered by the debt counsellor who negotiates with your creditors on your behalf and makes monthly distributions to your creditors to ensure that they do not start suing you for the debt you owe.
Administration is the same type of remedy, but also includes other types of debt and is limited to R50000 only. When you are under administration or under debt review you are prohibited by law to incur any further debt.
We are a responsible lender and will also not even consider giving you a loan if you are already debt stressed. If you are in fact debt stressed we suggest you seek counselling and approach a debt counsellor to assist you.