A Major Crisis, Let stop all the Auctions
Since Recession is booming, Auctioneers are by far better off as the consumer’s properties are sold at a lesser price. In addition to this the consumer will also be liable if the required amount is not paid in full.
A Debt Collector is a person other than an attorney or an employee who collects monies from debtors on behalf of a business, for payment. The whole process starts with the Debt Collector who demands money, interest and further cost on behalf of their client. The only hope is to turn to a Debt Counsellor.
In South Africa we have a remedy called Debt Review .Debt review is a sixty (60) day process. If a consumer applies for debt review before legal action is granted, no legal action can be taken. Our law only recognizes Registered Debt Counsellors. A Debt Counsellor can extend consumer’s payments and can also make a recommendation to the creditors that interest rates should be a minimum.
However in South Africa Credit Providers largely banks are not adhering to the National Credit Act of 2005.They are obstructing the Debt review process. Our solution so far is to make it a Court Application. It certainly helps as Magistrate makes a final ruling regarding the consumer’s obligations. If a matter is on a Court Roll, no further interest can be charged.
Magistrates are currently being educated about the Process of: Debt Review.
There is help for consumers that are over-in-debted.
For more info contact: http;// jjerr.co.za
