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CREDIT REPAIR
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Debt Mediation
Debt mediation is a process where a third-party professional—called a debt mediator or debt negotiator—works on behalf
of a debtor (an individual or business that owes money) to negotiate with creditors (those owed the money) in order to
reduce, restructure, or settle outstanding debts. The goal is to find a mutually acceptable solution that avoids more drastic
measures like bankruptcy or legal action.
Debt mediation is primarily used when a debtor:
• Is unable to make full payments on time
• Wants to avoid defaulting on loans
• Is seeking an alternative to bankruptcy
• Needs help communicating and negotiating with creditors
It’s a form of debt relief that allows both parties to come to a realistic and sustainable agreement.
Choose a Reputable Company: Select a debt counsellor registered with the National Credit Regulator (NCR), along with their legal team. Zwide Finance is a trusted and experienced provider.
Consultation: A debt counsellor and legal team will assess your finances and confirm your eligibility for debt review removal.
Legal Process: The legal team will initiate a formal process in the magistrate’s court.
Credit Bureau Update: Credit bureaus will be notified to remove the debt review status from your profile.
The process duration varies based on your specific situation. However, timely cooperation in providing information and required documents can expedite the process. Usually, it a process that takes 6-12.
- Process starts on the first successful deduction
- We will require the following documents:
- Copy of your ID
- Latest Payslip
- 3 Months Bank Statement
- You have the right to cancel the process at any given time, do understand that should you not want to be debited for your next payment you need to cancel 10 days before the deduction date, note that after the first deduction there will be no refund as the services will be started, as stated in the terms and conditions.
Debt Review Removal
Debt review removal is a legal process where debt counsellors and their legal teams assist clients in withdrawing from the debt review process. The aim is to show that client can manage their own debt obligations or have completed the debt review process and wish to obtain a clearance certificate.
Fresh Financial Start: Once removed from debt review, you can begin rebuilding your credit score.
Regained Control: You’ll take charge of your finances and work directly with creditors.
Choose a Reputable Company: Select a debt counsellor registered with the National Credit Regulator (NCR), along with their legal team. Zwide Finance is a trusted and experienced provider.
Consultation: A debt counsellor and legal team will assess your finances and confirm your eligibility for debt review removal.
Legal Process: The legal team will initiate a formal process in the magistrate’s court.
Credit Bureau Update: Credit bureaus will be notified to remove the debt review status from your profile.
The process duration varies based on your specific situation. However, timely cooperation in providing information and required documents can expedite the process. Usually, it a process that takes 6-12.
- Process starts on the first successful deduction
- We will require the following documents:
- Copy of your ID
- Latest Payslip
- 3 Months Bank Statement
- You have the right to cancel the process at any given time, do understand that should you not want to be debited for your next payment you need to cancel 10 days before the deduction date, note that after the first deduction there will be no refund as the services will be started, as stated in the terms and conditions.
Prescribed debts Removal
We remove debt that has not been paid or acknowledged for over a period of 36 months, warrants by Act 68 of 1996 that speaks of prescribed debts. Once we have cleared your prescribed debt. You will never be denied access to any financial institution.
Prescribed debt can be explained as old debt that has not been acknowledged over a period of three years.
In other words, if two parties (say, a consumer and a creditor) agree upon a sum of money to be lent and paid back, and neither party acknowledges this again within a three year period – then the sum no longer needs to be paid back. Essentially, when debt prescribes (or expires), it means the debt can no longer be claimed back by the creditor.
Of course, it is not as simple as that – there are quite a few rules and regulations regarding this occurrence.
Debt is prescribed if it meets these requirements:
• You have not acknowledged the debt in the past three consecutive years, either in writing or verbally
• You have not made a payment promised to make a payment to the outstanding debt amount
• You have not been summoned to make a payment by a creditor for the debt within the past three consecutive years
If you suspect you have prescribed debt then you should check your credit report.
On your credit report, you will find your open accounts and details related to these accounts. From there, you will be able to tell whether any of your debt meets the requirements of prescription.
Should you see open accounts that meet all the requirements of debt prescription on your report, then you should contact the relevant debt counsellor to remove the information about that debt from your report.
These are examples of debts which can become prescribed if the correct rules are followed:
• Retail accounts
• Credit card accounts
• Overdrafts
• Telkom accounts
• Personal Loans / Payday Loans
• Gym memberships
• Cellphone accounts
• Monies owed on vehicle finance
If you have owed money on any of the above types of accounts for over 3 years, and there is no evidence of it (i.e. no
communications from you or the creditors about it) then the debt can be prescribed and the creditor will not be able to
take action against you regarding those accounts.
Not all debt prescribes in three years. A 30 year prescription period relates to:
• A home loan
• Municipal accounts
• Monies owed to SARS
• Your TV Licences
To do this, our Debt Counsellors will have to get in touch with the relevant credit provider directly and ask them to remove it from your profile. Once that is done, they will need to contact the credit bureaus to let them know about it.
Examples of credit bureaus are Experian and TransUnion.
From there, the bureaus will investigate. If your case meets the necessary prescription criteria, then it will be removed from your profile immediately.
Judgement Removal
We remove this listing on your credit profile permanently by doing a rescission in court if there was no prior notification of listing according to sectionn129, but if the letter was received according to the mentioned section above, we can remove this listing if it has completed a of period of 4 years in the profile or if it has been fully paid. Once the judgement is removed, you will never be denied in any financial institution.
A judgement is granted by the Court against a Consumer or Company when they have not honoured their payment arrangements with a credit/service provider.
Judgements are loaded on your credit profile and have a negative impact on your credit score. It will only be removed from your credit profile once rescinded by the Court when the debt owed is paid in full.
Zwide Finance’s Judgement Removal process allows Members to instruct BLV Attorneys, to start the process of Judgement Removals for either Commercial entities or Consumers.
There are 7 different ways of approaching the Judgement Removal process. BLV Attorneys will evaluate each case to determine which type of process is required in order to get the judgement properly removed via the Court system. They will then forward a quotation against the exact process to the individual via email.
Credit Profile Assessment
The Comprehensive 4-in-1 Consumer Credit Report combines all your credit information retained by the four major South African based Credit Bureaus namely TransUnion, Experian, XDS and VeriCred.
From that report we then do an analysis on your profile as to which services you need to repair your credit profile to be able to increase your success rate on you credit applications.
A credit inquiry, sometimes known as a credit pull, is a request to look at your credit report. Inquiries happen when individuals or companies want to know more about your financial health, specifically if you have paid loans or credit cards as agreed.
Inquiries are divided into two categories — soft and hard — based on the reason for the inquiry.
A soft inquiry happens when someone checks your credit history, but not because of any specific credit application. Some scenarios that could trigger a soft inquiry include:
• Checking your own credit: When you examine your credit report, you’re not taking action to add more debt to your life.
• Receiving marketing materials: Preapproved credit card offers that come in the mail may be the result of a soft credit check
• Looking for a new job: Some employers check applicants’ credit, and the pre-employment credit check counts as a soft pull.
• Renting an apartment: Most landlord credit checks are soft pulls.
A soft pull will pop up on your credit report, but you’re the only one who sees it. Since a soft inquiry is more of an informal scan of your credit than a deep dive into your ability to pay off debt, a soft inquiry won’t impact your credit score.
Defualts/Adverse Removal
We remove this listing on your credit profile permanently by doing a dispute in all credit bureaus. If there was no prior notification of listing according to section 129 but if the letter was received according to the mentioned section above, we can remove this listing. If it has completed or has been fully paid, once this is removed you will never be denied access to any financial institution.
THE REMOVAL OF ADVERSE CONSUMER CREDIT INFORMATION AND INFORMATION RELATING TO PAID UP JUDGMENTS REGULATIONS, 2014.
Consumers have always struggled to remove adverse consumer credit information from their credit records with credit bureaus.
This was the position even after settling judgments and paying debts in full. Applications made to court in an attempt to remove such information, upon the repayment of the debt tends to be time consuming and costly. The Removal of Adverse Consumer Credit Information and Information Relating to Paid Up Judgments Regulations, 2014 (‘the Regulations’) which was gazetted on the 26 February 2014 in Government Gazette Notice, No. 37386 has been a sigh of relief to consumers in this regard.
In respect of the Regulations, all registered credit bureaus are required to remove adverse consumer credit information and information relating to paid up judgments from their database. According to the Regulations “adverse consumer credit information” means;
1. Adverse classifications of consumer behaviour are subject classifications of consumer behaviour and include classifications such as ‘delinquent’, ‘default’, ‘slow paying’, absconded or not contactable’;
2. Adverse classifications of enforcement action, which are classifications related to enforcement action taken by the credit provider, including classifications such as ‘handed over for collection for recovery’, ‘legal action’, or ‘write-off’;
3. Details and results of disputes lodged by consumers irrespective of the outcome of such disputes;
4. Adverse consumer credit information contained in the payment profile represented by means of any mark, symbol, sign or in any manner or form.