MONEY CLINIC | I want to buy a house and car but I dropped out of debt review. What now?

accreditation
0:00
play article
Subscribers can listen to this article
Consolidation loan is the name given to large personal loans (generally in excess of R150,000) with usually high interest rates (generally 18-24% per annum).
Consolidation loan is the name given to large personal loans (generally in excess of R150,000) with usually high interest rates (generally 18-24% per annum).
FG Trade

A Fin24 reader wants to buy a house and car but has no access to credit after withdrawing from debt review. He writes:

I applied for debt review to assist me with my debts. I finally withdrew to make the payments on my own. I was allowed to withdraw without being told about the consequences of my decision. I am now being assisted by another company, which did a credit check and discovered that some of my creditors had still not been paid. I need to buy a house and a car, but I can't. What should I do?

Kabelo Teme, Communications Liaison at the Office of the Credit Ombudresponds: 

We advise the consumer to contact the National Credit Regulator (NCR) to check whether they are still on the NCR Debt Help System. It is important to know that when a consumer decides to register for debt counselling, they will not be granted any further credit until they have paid up all their debt through the debt counselling process. For that reason, it is advisable for a consumer who is under debt counselling to remain so until they have paid up their debt and received a clearance certificate.

Should they encounter any issues while under debt counselling, they should contact the NCR and lodge their dispute with them, even if the complaint is against the debt counsellor, rather than withdraw from the process. 

The creditors who have not been paid should be contacted, and arrangements need to be made to pay off the debt. The NCR will be able to assist and advise how to proceed with the matter. 

Here are the contact details to the National Credit Regulator (NCR):

NCR contact details

Reception: 011 554 2700 / 2600

Call centre: 0860 627 627

Email: complaints@ncr.org.za 

Questions may be edited for brevity and clarity.

Disclaimer: News24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers. Under the ECT Act and to the fullest extent possible under the applicable law, News24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.


We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Rand - Dollar
18.02
+0.3%
Rand - Pound
20.17
-0.0%
Rand - Euro
17.67
+0.1%
Rand - Aus dollar
11.61
-0.3%
Rand - Yen
0.12
+0.6%
Gold
1,662.76
+0.1%
Silver
19.40
+1.9%
Palladium
2,188.00
+1.0%
Platinum
867.00
+0.3%
Brent Crude
85.14
-2.4%
Top 40
57,264
-0.2%
All Share
63,612
-0.2%
Resource 10
60,147
-0.1%
Industrial 25
77,106
-0.4%
Financial 15
13,797
+0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders