DEBT COUNSELLING FEES
Initially there will be an application fee of R50.00. This fee will be paid when applicant summits his Form 16 together with supporting documents. The fee is currently waived for a limited time.
A Restructuring Fee equal to the lesser of the first instalment of the debt re-arrangement plan, or R6000.00 excluding vat. You will be responsible for paying this fee on the date of receiving your next salary.
100% Refund: If the debt
counsellor fails to submit proposals to credit providers or refer the matter to
a tribunal or a magistrate's court within 60 business days from the date of
signing NCR Form-16, the debt counsellor will refund 100% of the fee already
paid by you.
Legal fees: According to Section
86 (8) of the National Credit Act, a Debt Counsellor must record accepted
proposals in the form of a consent order. If all credit providers do not accept
the proposal, the matter must be referred to the Magistrate's Court with the
Debt Counsellor's recommendation. The cost of applying to the Magistrate’s
Court amounts to minimum R2850.00 or maximum R5800.00 VAT included. This amount
will only become payable after the Debt Counsellor's restructuring fee has been
paid, and will be deducted from the monthly payments made by the consumer to
the Payment and Distribution Agency (PDA)
A Rejection Fee of R300 will be charged, should you decide to withdraw from
the process in the period between signing Form-16 and the completion of the
restructuring negotiations by the Debt Counsellor. You will become liable for
the payment of this fee immediately after withdrawing from the process.
75% of Restructuring Fee: Should you wish to withdraw from the process after the debt counsellor has already completed the restructuring negotiations, a fee equal to 75% of the restructuring fee will become payable by you. Should you already have paid the full restructuring fee, the surplus of 25% will be refunded to you.
