With FinFix you will not be blacklisted. We can assist in improving your credit rating and clearing your credit profile upon the last repayment.
Fees are included in your reduced monthly payment, based on your total debt amount. There are no upfront costs. We provide a free, obligation-free assessment and quote, with specialists available for any questions. Our fees are regulated by the National Credit Regulator.
We're committed to helping our clients become debt-free as quickly as possible. Your repayment period will vary based on your outstanding debt and what you can afford to pay. During our assessment, we can provide you with an estimated timeline for repayment. Find out here.
FinFix boasts a team of skilled and registered debt counselors & legal professionals to guide you through your journey to becoming debt-free. Registration Number: (NCRDC3062)
We negotiate reduced interest rates on all of your accounts. You can look forward to paying reduced interest rates on most, if not all, of your accounts.
If you're having difficulty managing your debt repayments, you're likely a good candidate for our services. Get in touch with our team for a free assessment and start your journey to financial freedom. Get Started Today.
FinFix can assist with the following common types of debt: Credit Card Debt, Unsecured Loans, Secured Loans (like home loans or vehicle finance), Store Cards, Overdrafts, Short-Term or Payday Loans. This list is not exhaustive, and our team is committed to helping you as much as legally possible.
A consumer who is under debt review has the option to make larger payments or settle accounts early to expedite the debt counseling process with FinFix.
Once you’ve successfully completed the debt review process, FinFix will issue a Clearance Certificate (Form 19) to credit bureaus and your creditors. This removes the "under debt review" status from your credit record, offering you a clean slate. Maintaining good financial habits ought to boost your credit score, enabling you to qualify for new lines of credit on standard terms. Ready to become debt-free?
If you exit the debt counseling process early or fail to make agreed-upon payments, you'll lose legal protection, opening the door for creditors to take legal action against you. Your credit score will continue to suffer, and the "under debt review" status will remain on your record until all debts are cleared. Failure to complete the process could also lead to asset repossession for secured debts like home loans or car finance. Meanwhile, your existing debts will continue to accrue interest, likely at higher rates, exacerbating your financial strain. Remember, creditors are generally not forgiving with third chances.
You'll feel the immediate relief that comes with Debt Review. We'll create an affordable preliminary repayment plan for you. Under this plan, you'll make a single reduced monthly payment to a Payment Distribution Agency (PDA), which will then allocate the funds according to your plan. Get Started Today.
When you apply for debt restructuring, your credit score may decrease initially because your accounts will be marked as 'negotiation'. However, by sticking to your restructured payment plan, you build a positive payment history that can increase your credit score over time.
Defaulting on payments can lead to a lower credit score, legal action by credit providers, accruing interest, collateral repossession by creditors, debt collection agencies, and possible court judgment. It is imperative to stick to the payment plan.
Asset forfeiture is taking property or assets when defaulting on secured loans.
Rights include applying for debt review, protection from legal action, a fair assessment, a restructured payment plan, clear communication, exiting upon meeting obligations, asset protection, and regulated fees. Read more on the official website of the NCR.
Secured debt is like getting a loan with a safety net for the lender. You offer something valuable you own, like your house or car, as collateral. This means if you can't pay back the loan, the lender can take this item. Because there's less risk for the lender, they usually charge you less interest.
Unsecured debt is different. It doesn't involve any collateral. Instead, the lender decides if they'll lend you money based on your financial history and trustworthiness, known as your creditworthiness. However, because the lender doesn't have a safety net (like your house or car to take if you don't pay), they usually charge higher interest rates. If you can't pay back an unsecured loan, you won't immediately lose a specific asset, but there can be serious legal consequences, and it will harm your credit score.
By making timely payments, limiting credit inquiries from credit providers, regular monitoring of your credit score, seeking professional counselling, and staying informed.
Consumers should be aware of their right to transparent lending practices.. Always prioritise engaging with verified lenders and consider services like debt counselling with FinFix to protect against unscrupulous lending practices.
All Rights Reserved Ⓒ 2022 | FinFix Shared Services (Pty) Ltd trading as FinFix is registered with the NCR (NCRDC3062).