No, RESET is definitely not any form of administration, sequestration or debt counselling - we simply analyse your current creditor profile and provide you with an objective debt consolidation solution based on our unique system algorithms.
No, it will not. If you apply for a consolidation loan and it is approved, it will be noted as a new loan on your credit profile. Keep in mind however, if you use the loan to consolidate your debt according to your RESET report, the status of those credit accounts will change to "paid off" or "closed" status which will improve your credit profile.
No, RESET is not for those consumers under administration, debt counselling or sequestration, as they will not be able to apply for any form of new debt, including a consolidation loan.
Yes, RESET will still be of value in understanding your current unsecured debt profile and knowing if and how much you can save on a monthly basis by consolidating your debt. However, it may prove more difficult to get a consolidation loan approved.
In terms of the National Credit Act (NCA) credit bureaus are obliged to share information with each other regarding consumer's credit accounts that have been opened, paid off and closed. However, there may be a delay of a few days before the relevant information are updated with all of the credit bureaus.
However, if you find any information on your credit bureau report which does not seem to be accurate, you have the right in terms of section 72(3) of the National Credit Act (NCA) 34 of 2005 to challenge any such information which you feel is incorrect. The credit bureau is compelled by the Act to "take reasonable steps to seek evidence in support of the challenged information" and to have the matter resolved within 20 business days. The credit bureau will investigate the query directly with the credit provider involved, and if confirmed that information need to be removed, or if no evidence is found in support of the information is found, the credit bureau will have to remove the information.
We receive credit bureau information from Compuscan Credit Bureau and as such you may approach them directly to lodge any dispute with regards to information on your credit report. You can contact Compuscan Credit Bureau telephonically on 0861 51 41 31 or via e-mail at info@compuscan.co.za to lodge a dispute.
Step 1
We will request your credit bureau information (with your consent) from our credit bureau in order to analyse your unsecured debt profile. From this analysis we will be able to tell you what the maximum potential monthly saving is that you can achieve by consolidating or restructuring your unsecured debt profile. As part of step 1 we will also provide you with a copy of your credit bureau report.
Step 2
Should our analysis show that there is a satisfactory saving available and you would like to see which combination of creditors you need to consolidate in order to achieve this savings amount, you can request a detailed RESET report. This report will give you a detailed analysis and breakdown of the creditors selected for consolidation, including your current effective instalment versus your new instalment, as well as the savings amount and the suggested loan amount required to consolidate your debt.
Step 3
Should you wish to proceed with the consolidation request, you may ask us to assist you in securing a loan from a financial institution for consolidation purposes.
Our RESET report will give you the savings you can unlock using debt consolidation as well as provide a detailed analysis and breakdown of the creditors selected for consolidation which will achieve/unlock the highest possible monthly cash flow saving for you.
You can either use the RESET report to approach your own bank for a consolidation loan or you may proceed to step 3 on our system and request us to assist you with the loan application.
Each bank or financial institution has its own credit policies and loan criteria which not only differ from each other, but it is also adjusted from time to time. Lenders work on two main elements in determining whether to provide a loan - one being your behavioural profile (i.e. your history of how you manage your debt) and the second being affordability (can you afford another facility). As we do not provide financial advice or any form of credit assessment, we cannot guarantee that your loan application will be approved.
