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The Debt Review Process
 
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Financial planning

Overview

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What is debt review?

Debt review is a legislated process whereby a consumer approaches a registered debt counsellor for assistance if they experience financial difficulty. The debt counsellor in turn liaises with all the consumer's credit providers in a bid to facilitate an acceptable repayment arrangement.

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How can I find out more about debt review?

Please refer to the 'How can we help' icon on the website and view the available brochure which will guide you through the process.

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Does FNB offer debt review?

No, the FNB Debt Review Centre does not offer debt review, but rather facilitates the debt review process in conjunction with a consumer's debt counsellor.

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Which debt counsellor does FNB recommend?

FNB does not recommend any specific debt counsellor. It is the consumer's responsibility to investigate and approach a debt counsellor according to their needs. The National Credit Regulator (NCR) has a list of all registered debt counsellors on their website http://www.ncr.org.za. Alternatively, the NCR may be contacted on telephone number 0860 627 627 for further assistance.

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What is the cost for applying for debt review?

The costs as stipulated in the National Credit Act are stipulated below for ease of reference.

Name Pay Amount
1. A debt counsellor may receive the following fees in respect of consumers who have applied for debt counselling:
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; 		R50
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); 		R300 (excl VAT)
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)

 

R6 000 (excl VAT)

R6 000 (excl VAT)

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). 		100%
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. 		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)
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. 		Yes
1.7 Legal fees 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.

The fees which a payment distribution agent may recover in respect of payment distribution services rendered are as follows:

  • A fee of R5.00 for each payment of between R100.00 and R200.00 distributed in respect of each credit agreement included in the consumer's debt rearrangement plan;
  • A fee of R10.00 for each payment between R201.00 and R500.00 distributed in respect of each credit agreement included in the consumer's debt re-arrangement plan;
  • A fee of R15.00 for each payment exceeding R500.00 distributed in respect of each credit agreement included in the consumer's debt rearrangement plan; and
  • A fee of R3.00 is payable for any additional monthly statement requested by the consumer.
These amounts are inclusive of value added tax (VAT).

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Fast facts

Who qualifies for Debt Review

  • Customers who are over-indebted and unable to meet their monthly debt obligations.
  • Individuals who have a regular income and can commit to a restructured repayment plan.

Steps to determine if Debt Review is the right option

  • Assess your current financial situation and debt levels.
  • Consult with a registered debt counsellor to evaluate your eligibility.
  • Consider alternative debt relief options and their implications.
  • Decide if debt review aligns with your financial goals and needs.

Additional resources and support services available

  • FNB offers various financial tools and resources to help you manage your debt.
  • Access online calculators and budgeting tools on FNB nav to plan ahead.

The Debt Review Process

Get assistance

Debt review is a legal process designed to help over-indebted customers regain financial stability by restructuring their debt repayments. It aims to provide a manageable repayment plan that protects customers from legal action by creditors.

Fast facts

Your guide to Debt Review: Eligibility, process, and impact

Financially stressed customers turn to the Debt Review Process as contained in the National Credit Act 34 of 2005 as a solution to their over-indebtedness. Entering debt review means you will no longer have access to credit during that time. Take note, you must understand the costs and consequences of any financial assistance programmes promising to reduce your monthly debt repayments.

FAQs

Everything you need to know

Know what debt review is all about, the type of assistance on offer, recommendations, acceptable arrangements, and what you can expect to pay.

First National Bank - a division of FirstRand Bank Limited. An Authorised Financial Services and Credit Provider 1929/001225/06 (NCRCP20).