Glossary Part 1 Flashcards
Whose decision has the same status of the high court of SA?
NCT (National Consumer Tribunal)
Role of Debt Counsellors:
- Help mange complex debt situations by
- Negotiating with creditors
- Providing legal advice
- Supporting through court proceedings
PDA?
Payment Distribution Agency
Collect rehab amount and distribute it according to repayment plan.
Which attorney does FinFix use?
VDH (Van der Hoven) Attorneys
Why get CLI?
Cover in case consumer is impaired to earn income to pay monthly installments.
IEMAS?
Iscor Employees Mutual Aid Society
Credit Agreement
Legally binding contract between borrower and lender.
Incidental Credit
Debtor agrees to pay for goods or services in installments without interest being charged on outstanding balance.
Reckless Credit granted if
- CP failed to conduct proper risk assessment
- CP proceeds despite knowing consumer can’t afford it
- Consumet doesn’t understand their rights/obligations and costs involved
Debt Consolidation
Combining debt into one single loan so that client play one monthly installment.
Rehab/Distributable Amount
The amount a consumer has available for debt repayment each month considering income, deductions and living expenses.
What info does a COB contain?
- Current balance
- Interest rates
- loan period
- CLI
- If the loan may be included in the review
DOCF
Debit order cancellation form
Why use Debicheck?
- Protect against fraud
- Never miss an installment
Secured Debt
Backed by an asset (collateral)
