The costs as stipulated in the National Credit Act are stipulated below for ease of reference.
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Name
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Pay Amount
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1. A debt counsellor may receive the following fees in respect of consumers who have applied for debt counselling:
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1.1
An application fee, limited to the amount prescribed in terms of Schedule 2(2) of the Act, recoverable directly from the consumer upon receiving an application for debt review;
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R50
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1.2
A rejection fee of R300.00 (excluding VAT) in respect of consumers whose applications have been rejected in terms of section 86(7)(a);
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R300 (excl VAT)
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1.3
A restructuring fee of the lesser of the first instalment of the debt rearrangement plan in respect of a consumer whose applications have been acceptable in terms of 86(7)(b) or 85(7)(c). 100% of the fee is payable at the first instalment.
* Maximum allowable fee for a Single Application (Once off)
* Joint application (once off)
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R6 000 (excl VAT)
R6 000 (excl VAT)
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1.4
Should a debt counsellor fail to submit proposals to credit providers or refer the matter to a Tribunal or Magistrate Court within 60 business days from date of the debt review application the debt counsellor has to refund 100% of the fee paid by the consumer (excluding the application fee).
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100%
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1.5
A monthly after-care fee payable to the debt counsellor to commence in the 2nd month after the amount in 1.3.1 above has been paid.
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5% up to a maximum of R400 (excl VAT) for the first 24 months, thereafter reducing to 3% to a maximum of R400 (excl VAT)
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1.6
Should the consumer withdraw from the process after completing stages 1.3 above, a fee equal to 75% of the restructuring fee as per 1.3 above is payable by the consumer.
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Yes
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1.7 Legal fees
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A legal fee for a Consent Order of R750. Any additional legal fees to be negotiated separately with the consumer and the debt counsellor must be able to produce pro-forma invoices.
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The fees which a payment distribution agent may recover in respect of payment distribution services rendered are as follows:
These amounts are inclusive of value added tax (VAT).
