Absa | Let's help you get debt under control (2024)
The National Credit Act, which requires all financial institutions and lenders to register as credit providers, came into effect on 1 June 2007.
The Act aims to protect you by regulating our country’s credit-granting practices so that you can benefit from a credit environment that is transparent, fair and responsible. Money can either restrict you because of debt weighing you down, or money can ease your mind and set you free to live your life as you choose. The money you work so hard for, can work even harder for you when you understand and manage it well. Absa looks forward to partnering with you in this rewarding journey.
What is the National Credit Act?
The National Credit Act (NCA) protects your rights as a consumer by regulating the granting of loans or credit. In short, it makes responsible lending a shared responsibility between you and your credit provider.
By making your credit or loan applications transparent, fair and easy to understand, it gives you the knowledge and power to manage your debt effectively and pay it back comfortably.
The Act reminds you that you have both the right and responsibility to understand and question how your credit agreements are structured, what payments you will be required to make, and what the terms and conditions involve.
It is a way of consolidating all of your debts into a single loan with one monthly payment. You can do this by taking out a second mortgage or a home equity line of credit. Or, you might take out a personal debt consolidation loan from a bank or finance company.
We could come to an arrangement with you to pay the monthly instalment due and an additional amount towards the arrears. You will have an option to settle the arrears in one month or over an extended period of up to six months. All arrangements to repay the arrears amounts will be based on what you can afford.
It's usually arranged by you through a bank. These types of loan are usually used to pay off credit card and other personal loan debts. This is a plan between you and your creditors to pay off all your debt.
If you have loans that have been in repayment for more than 20 or 25 years, those loans may immediately qualify for forgiveness. Borrowers who have reached 20 or 25 years (240 or 300 months) worth of eligible payments for IDR forgiveness will see their loans forgiven as they reach these milestones.
You can ask the creditor — either the original creditor or a debt collector — for what's called a “goodwill deletion.” Write the collector a goodwill letter explaining your circ*mstances and why you would like the debt removed, such as if you're about to apply for a mortgage.
With just a phone call, you can get settlement letters, account balances, tax certificates, Absa Rewards redemptions and more. The calls are secure which provides the peace of mind to bank with ease.
You're required by law to repay the amount specified on the judgment or the credit lender can apply to repossess or auction your immovable assets. They can even repossess your movable assets to recover the funds.
While it's highly unlikely that any credit card company will forgive 100% of your debt without it being part of a bankruptcy, you may be able to negotiate a settlement with your lenders in which they forgive a percentage of the balance you owe.
Outside of bankruptcy or debt settlement, there are really no other ways to completely wipe away credit card debt without paying. Making minimum payments and slowly chipping away at the balance is the norm for most people in debt, and that may be the best option in many situations.
Making more than your required minimum payment can help you pay off debts more quickly and save money in interest charges. Earmark unanticipated funds, such as your tax return or a bonus, for debt payments.
Introduction: My name is Saturnina Altenwerth DVM, I am a witty, perfect, combative, beautiful, determined, fancy, determined person who loves writing and wants to share my knowledge and understanding with you.
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