Question 1

Will I be blacklisted?

Accepted Answer

With FinFix you will not be blacklisted. We can assist in improving your credit rating and clearing your credit profile upon the last repayment.

Question 2

How much are your fees?

Accepted Answer

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.](https://www.ncr.org.za/)

Question 3

How long before I am debt-free?

Accepted Answer

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 repayment timeline. [Find out here.](/contact)

Question 4

Do I need an income?

Accepted Answer

A stable income is essential to qualify for our services. If you're self-employed or receiving allowances, you're also welcome to apply. [Contact us.](/contact)

Question 5

Are you registered?

Accepted Answer

FinFix boasts a team of skilled and registered debt counsellors & legal professionals to guide you through your journey to becoming debt-free. Registration Number: (NCRDC3062)

Question 6

How much interest will I be paying?

Accepted Answer

We negotiate reduced interest rates on all of your accounts. You can look forward to paying reduced interest rates on some of your accounts.

Question 7

How do I know if I qualify?

Accepted Answer

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.](/contact)

Question 8

Why choose FinFix?

Accepted Answer

FinFix is committed to delivering top-notch service. We treat each client's debt situation with expert care and diligence, all at an affordable rate. [Get Started Today.](/contact)

Question 9

What types of debt can FinFix help me with?

Accepted Answer

FinFix can assist with the following common types of debt: Credit Card Debt, Unsecured Loans, Secured Loans (such as home loans or vehicle finance), Store Cards, Overdrafts, and Short-Term or Payday Loans. This list is not exhaustive, and our team is committed to helping you as much as legally possible.

Question 10

Can I make early payments to clear my debt faster?

Accepted Answer

A consumer under debt review may make larger payments or settle accounts early to expedite the debt counselling process with FinFix.

Question 11

What happens when I complete the process?

Accepted Answer

Once you've 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?](/contact)

Question 12

What happens if I don't complete the process?

Accepted Answer

If you exit the debt counselling 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, such as 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.

Question 13

How long after entering the process, will I experience relief?

Accepted Answer

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.](/contact)

Question 14

Will my credit score change?

Accepted Answer

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.

Question 15

What if I miss payments?

Accepted Answer

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.

Question 16

What is asset forfeiture?

Accepted Answer

Asset forfeiture is the seizure of property or assets when a borrower defaults on secured loans.

Question 17

What are my debt review rights?

Accepted Answer

Rights include the right to apply 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.](https://www.ncr.org.za/index.php/departments/education-and-communications/15-education-and-communications/36-consumer-rights)

Question 18

What's the difference between secured and unsecured debt?

Accepted Answer

Secured debt is like getting a loan with a safety net for the lender. You offer something of value you own, such as your house or car, as collateral. This means that if you can't repay the loan, the lender can take the 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 whether to lend you money based on your financial history and trustworthiness, collectively 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.

Question 19

Am I protected during the process?

Accepted Answer

Yes, under the National Credit Act, which ensures responsible lending, regulated fees, and dispute resolution mechanisms. For more information, click [here.](https://www.ncr.org.za/index.php)

Question 20

How can I improve my credit score?

Accepted Answer

By making timely payments, limiting credit inquiries from credit providers, regularly monitoring your credit score, seeking professional counselling, and staying informed.

Question 21

What rights do I have against loan sharks?

Accepted Answer

Consumers should be aware of their right to transparent lending practices. Always prioritise engaging with verified lenders and consider services like FinFix's debt counselling to protect against unscrupulous lending practices.

Frequently Asked Questions

Frequently Asked Questions: Watch & Learn

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