Navigating the world of credit and debt can be challenging, especially when faced with legal and administrative hurdles. Whether you have a judgment against your name, are listed under debt review, have an administration order, or are dealing with prescribed credit, we have the expertise to help you overcome these obstacles. Here’s how we can assist you in each scenario:
Rescission of Judgment
If a judgment has been granted under your name, it can severely impact your ability to obtain credit. However, there is a way to address this issue: Approach the Creditor: We start by negotiating with the creditor to potentially reduce the debt amount. This step is crucial as it can make the debt more manageable and shows your willingness to settle the matter.
Apply for Rescission of Judgment: Once an agreement is reached, we can apply to the court for a rescission of the judgment. This legal process involves asking the court to reverse the judgment on the grounds that the debt has been settled or an error was made.
Update Credit Bureau Records: After the rescission is granted, we will ensure that the judgment is removed from your credit record. This update will reflect positively on your credit report, enhancing your creditworthiness.
Removal from Debt Review
Being listed under debt review can restrict your financial flexibility. If you were flagged for debt review without a court order or simply by visiting a debt counsellor’s office, we can assist you with the following steps:
Application for Debt Review Removal: We will file an application to the court or the National Credit Regulator (NCR) to remove your name from debt review. This process involves proving that you did not consent to the debt review process or that it was improperly imposed.
Update Credit Bureau Records: Once the debt review status is removed, we will ensure that your credit report is updated to reflect this change. This will help restore your ability to obtain credit and manage your financial affairs independently.
Rescission of Administration Order
An administration order can severely restrict your financial autonomy. If you have an administration order against you, we can help you regain control:
Application under Rule 74Q: We will approach the court to apply for a rescission of the administration order in terms of Rule 74Q. This rule allows for the rescission if you can demonstrate that you are now capable of managing your financial affairs.
Resume Financial Control: Once the rescission is granted, you will regain the ability to manage your own finances, free from the constraints of an administrator. We will also ensure that your credit report is updated accordingly.
Addressing Prescribed Credit
If you have credit that is over three years old and no summons has been issued against you, it is possible to have this credit declared as prescribed:
Assessment of Credit Records: We will thoroughly review your credit records to identify any debts that are over three years old without any legal action taken against you.
Declaration of Prescribed Credit: We will assist you in declaring such credit as prescribed, effectively removing it from your financial obligations. This process involves proving that the creditor has not taken any legal steps to enforce the debt within the prescribed time frame.
Update Credit Bureau Records: Once the prescribed credit is declared non-existent, we will ensure that your credit report reflects this change, improving your credit standing.
Conclusion
Dealing with financial and credit issues can be daunting, but with our expert guidance and legal support, you can overcome these challenges and reclaim your financial freedom. Whether it’s rescinding a judgment, removing debt review status, rescinding an administration order, or addressing prescribed credit, we are here to help you every step of the way. Contact us today to take the first step towards a brighter financial future.
