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"This indicates that for every R100 a person earns, R72 goes towards debt, leaving little room for monthly expenses and tangible financial obligations – let alone inflation,” confirmed 1Life.
"If the National Credit Regulator is of the view that the applicant requires assistance, a single member of the National Credit Tribunal can suspend all qualifying credit agreements in part or in full for a period of 12 months."Once the 12 month period has been completed and the candidate is still unable to pay the debt, the Tribunal will extinguish all owing debt that was previously agreed upon.
"You need to be over-indebted as defined by the NCA – that is, you are unable to meet all your financial obligations in a timely manner. This is determined by a debt counsellor and basically means that you can’t repay your minimum monthly installments."*For more information about debt counselling, click here.