Tag - Debt intervention

Debt Intervention – Part 3

Can a consumer apply for credit after debt intervention? In order to be able to apply for credit again a consumer needs to have completed a few very specific steps. The consumer needs to complete the debt intervention successfully by fully settling the accounts included or having those account extinguished.The consumer also needs to illustrate that they have improved their knowledge on managing finances through attending financial literacy training. The consumer’s financial situation must have improved.The consumer needs to apply for rehabilitation.The NCR must notify all credit bureaus and relevant [...]

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Debt Intervention – Part 1

What is Debt Intervention? The president has signed the controversial Credit Amendment Bill into law and thousands of consumers are wondering if they will be able to benefit from the provisions of this bill and if they will qualify for Debt Intervention as defined in the bill. CreditSmart would like to debunk some of the rumors and give some clarity regarding Debt Intervention. There are thousands of consumers who seem to interpret the rumors as an indication that their debt will be extinguished, which is not [...]

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