Debt review calculations and applicable fees?

Yes, there are debt counseling fees and legal fees applicable to debt counseling; The NCR debt counseling fee guideline is: 1st month DC fees, 2nd month Legal Fees paid to attorney and from the 3rd month payments will be made to creditors. The minimum debt counseling fee chargeable at Ezdebt is R1000. The maximum DC fee is R9000 for a joint and R8000 single application and the same applies for legal fees. A monthly service fee is charged whilst consumer is under debt review.

How much will debt review cost you?

This question is very popular because when people are over indebted their ability to take on another payment is non-existent. The good news is, that the debt review fees are prescribed by the National Credit Regulator, and therefore you will not be charged more than stipulated as all debt counsellors are required to adhere to the NCR Fee Guideline.

The fee is incorporated into the restructuring plan created by your debt counsellor and issued to your creditors. So essentially it is all wrapped into the process- which contributes to the simplicity of it all. The aftercare percentage is 5% and the maximum amount in rand value is R400.

Below are the percentages we offer as a reduction on the following account types:                          

  • Retail/Furniture/ Personal/Credit Card: 50%
  • Home Loan: 15%
  • Vehicle Finance: 20%                                 

There are certain creditors who need to be excluded for the following reasons: #

  • Vehicle finance when it’s new doesn’t have 6 successful payments
  • IEMAS loan payroll deduction
  • Home loan in 2 months arrears

The following accounts are excluded when doing the calculations for debt review: #

  • Life cover
  • Funeral cover
  • Car insurance
  • Home Insurance
  • Car tracker
  • Home security system
  • Multi-choice (DSTV)
  • Cell phone contract
  • Medical aid
  • Gym account

Powered by BetterDocs


Your email address will not be published. Required fields are marked *