Our Frequently Asked Questions

Debt review is the process whereby the debt counselor assess the consumer’s monthly obligations and do his budgeting to verify if after paying all his accounts, he has anything left as saving in his account, if he /she has a negative balance then he /or is over indebted, then the debt counselor will do the calculations according to the NCR requirement, and the consumer will be given a new repayment plan, so debt review is a debt rehabilitation program.

Debt review reducing the monthly installment, reducing the monthly interest and the terms of payment while consolidation is the same amount, and the difference is just that there is one credit provider than various creditor.

If I pay my monthly obligations and am left with nothing in my account means am over indebted?

The process can last for 36 -60months.

You must be employed or self-employed to qualify for debt review program.

Yes, they can if a background check is carried out.

Exel Finance will contact all your credit provider to negotiate your monthly your interest rate.

Logically No, they have to contact the debt counselor.

No, but our attorneys will represent you. 

There is no legal interruption if don’t fail on the monthly repayment plan.

Logically No, I can’t debit your account because your debit orders will be cancel.

You may consider escalating the amount of your bond to shorten the term of payment.

Logically yes, depending on the landlord, the landlord is free to contact your debt counselor to know your affordability.

Here is a R50 fee to apply for debt review. Debt counselors are entitled to an upfront fee for restructuring your debts and contacting your credit providers. This fee is equal to your repayment but may not exceed R8000, or R9000 for couples married in community of property.

Student loan, telephone or cell phones contacts, rentals, insurance policies, municipal debts, school fees, tax debt…etc.

Debt review is a process that is handled by professionals to manage your debt repayments, allowing you to consolidate your debt without the need to take out further loans. Debt consolidation involves taking out a loan yourself that helps you repay all your debts.

  logically yes!

During the process, the debt counselor will investigate reckless lending. The Debt counselor has a period of 90 days to get all the necessary documents from the consumer and credit provider to make this determination.

We cannot include any accounts in the debt review process where legal action has commenced. It is therefore important that you apply for debt review.

Secured debt involved a tangible property which helps safeguard the creditor, since they can repossess the property in the event of non-payment and unsecured loans, which are usually for small amounts and not backed by collateral, payday loans.    

Exel finance is mandated by NCR, and they are trained professional in charge of debt management, In the process, a debt counselor will negotiate with creditors on behalf of the over-indebted person to lower monthly payments and interest rates. In addition, the debt counselor readjusts the clients financial plan and budget, considering the new interest rates and payments. the debt counselor will act on your behalf.