Frequently Asked Questions

Ensuring a strong credit profile involves making timely payments, managing credit card balances, avoiding excessive new accounts, reducing debt, maintaining open communication with creditors, practicing good financial habits, regularly reviewing your credit report for errors, and addressing any past issues.

Using the ThreeSixty.me platform for monitoring and accuracy checks can help you stay on track with your credit profile’s strength.

A credit bureau plays a vital role that compiles your credit data from various lenders and credit providers. This data includes your active accounts, outstanding loan balances, and your track record for on-time payments. Additionally, any actions taken against you for non-payment are also recorded.

Lenders and credit providers rely on this information to make informed decisions when you apply for credit. Well-known or primary credit bureaus include VeriCred Credit Bureau (VCCB), TransUnion, Experian, Consumer Profile Bureau (CPB) and Xpert Decision Systems (XDS)Want to know the ins and outs of your credit profile?

🡪 Sign-up for FREE via ThreeSixty.me & keep tabs on your credit-related information. No hassles, one platform and credit education at its best.

The ThreeSixty.me platform is powered by VeriCred Credit Bureau (VCCB – a South African registered credit bureau) & affiliated with CreditSmart Financial Services (registered Financial Services Provider: FSP 52295 & Debt Management Solutions registration: NCRDC3143).

A credit score is also known as your credit risk rating. Credit scores play a role in the decision-making process of credit providers.

When granting you credit, creditors rely on your credit score to assess your ability to make payments and meet your obligations.

Several factors, such as your income level, payment history, credit background and the type of credit you apply for typically influence your credit score.

The specific scoring range may vary depending on the platform and formula (calculation method) used for determining credit scores. For instance, a score between 901 and 1000 is considered a very low risk (an excellent score indication) while a score of 600 and lower will usually fall within the high-risk (or a poor score) category.

**Knowing your credit status empowers you.

Want to know your credit score? Click here for your FREE ThreeSixty.me report and credit score access

To boost your credit score, start by checking your credit report with ThreeSixty.me.

Look for errors and address past issues like any late payments. Pay your installments on time, limit new credit accounts, and maintain older ones for longer credit history.

Lastly, practice positive credit habits like paying off debt and using less of your available credit.

Monitoring your progress through the ThreeSixty.me platform is key to achieving better financial opportunities and reaching your financial goals.

Want to learn more? Click here to sign up for your FREE credit rating & report

As long as you adhere to your Debt Review repayment plan, creditors cannot take legal action or repossess your assets. If you experience harassment or threats from creditors, follow these steps:

1. Document all instances of harassment.
2. Direct creditors to contact CreditSmart.
3. Report the issue to your CreditSmart Debt Counsellor, who will handle the situation for you.

For vehicle repossession, do not sign a voluntary surrender document or hand over your vehicle under duress. Repossession is only legal with a Warrant of Delivery issued by the Sheriff. Contact your appointed Debt Counsellor immediately if you encounter any issues.

It’s crucial to have CreditCover™ (Credit Linked or Credit Life Insurance) to protect against income loss. Speak with a CreditSmart expert to understand the benefits of CreditCover™ and the claims process, ensuring you remain covered even if your financial situation changes.

The National Credit Regulator (NCR) is the governing body for the South African credit industry, established by the National Credit Act No. 34 of 2005. The NCR ensures the credit market remains accessible and fair, especially for vulnerable and low-income individuals. It regulates credit bureaus, credit providers, and debt counsellors to ensure compliance with the Act.

Your CreditSmart Debt Counsellor will use your Debt Review Application Form, along with supporting documentation, to verify if you qualify for the Debt Review process as well as your details to develop the best repayment plan for you.

The duration of the Debt Counselling process varies depending on the amount of debt and your ability to make repayments. Typically, it can take anywhere from a few months to several years to complete, but your Debt Counsellor will provide a clear timeline based on your specific circumstances.

Yes, entering Debt Counselling will be noted on your credit record. However, this is a temporary measure and once you have completed the process and settled your debts, this notation will be removed. The long-term benefit is that you will have a clean slate and improved financial health.

No, while you are under Debt Counselling, you are not allowed to take on any new credit. This restriction is in place to help you focus on repaying your existing debts and to prevent further financial strain.

If your financial situation changes, whether it improves or worsens, you should inform your Debt Counsellor immediately. They can reassess your repayment plan and make necessary recommendations or voice creditor adjustments to ensure the payment plan stays affordable and sustainable for you.

By consolidating your debts, you gain several benefits:

• Immediate cash flow relief.
  A single, affordable monthly instalment.
• Significant reduction in debt repayments and interest rates.
• Protection of your assets (house and car).
• No more harassment calls from credit providers.
• A structured payment plan tailored to your needs and affordability.
• Protection against creditor legal action.

The process is guided by the National Credit Regulator (NCR), ensuring that it is a legal and sustainable solution for managing your debt. You will also have a dedicated, NCR-registered Debt Counsellor to assist you throughout the process.

Yes, Instalment Consolidation is designed to help consumers who have multiple credit accounts. It simplifies your financial management by combining all your debt obligations into one monthly payment, making it easier to keep track of your finances and stay up to date with your payments.

Absolutely. The process includes a reworked budget outline that allows you to service your living costs anxiety-free. This ensures that you can manage your daily expenses while repaying your debt in a structured and affordable manner.

This process, from registration to obtaining your granted court order, will take approximately 3 to 4 months. This is mainly due to the courts providing us with court dates approximately 3 months ahead of time. We, unfortunately; do not have control of when court dates are available and given.

Yes, however this is dependent on your credit score. The removal of the debt review status from your credit profile, does not guarantee that you will immediately qualify for new credit.
The debt review status on your credit profile is only one factor considered by credit providers when assessing your eligibility for new credit agreements. The granting of credit by a credit provider is based on various other criteria, including your payment history, amount of credit accounts, etc.

No. To qualify for the Debt Review Removal service, your financial situation needs to be of such a nature that you can afford your living expenses and debt repayments as per the original contractual agreement with creditors, i.e. the original instalments and interest rates that you were paying prior to Debt Review. We use your Net Income amount and deduct your debt installments and living expenses from it. If the amount ends in a surplus, we can assist. However, if the amount ends in a deficit, we cannot assist as you then still require the assistance of lowered debt review installments through debt review or other services.

CreditSmart is a Registered Financial Services Provider: FSP: 52295

CreditSmart is also a Debt Counselling company registered with the National Credit Regulator with registration number NCRDC3143, operating under Jakobus Lodewikus Olivier. This is visible on the National Credit Regulator’s website under the Register of Registrants page.

We have various registered debt counsellors working here at CreditSmart, and all employees have much experience with debt review, debt counselling, and other debt related matters.

We were voted one of the Top 5 Small Debt Counselling companies last year 2023, as announced in the Annual Debt Review Awards.

While Credit Cover is not mandatory by law, some lenders may require it as part of your loan agreement. It’s essential to check the terms of your loan to see if it’s a requirement.

When you take out a loan or credit, Credit Cover can be added to your agreement. If a covered event occurs, such as your passing or permanent disability, the insurance policy will pay off the remaining balance of the debt directly to the lender, up to the policy’s limit.

Credit Cover typically covers personal loans, home loans, car loans, and credit card debt. However, the exact coverage will depend on the policy you choose, so it’s important to review the policy terms carefully.

Yes, you can usually cancel Credit Cover at any time, though it’s best to review the terms of your policy or speak with your lender to understand any implications or alternative coverage options.

Under Insurance is when the sum insured on your insurance policy is less than the actual cost of replacing, repairing, or rebuilding, the insured item. Being under-insured can leave you at risk of not being fully covered in the event of a claim.

Comprehensive Cover: this covers damages to your vehicle, such as accident, fire, attempted theft, hijack as well as damages to another party’s property.

Third party, fire and Theft: This is limited cover that does not cover accidental damages to your own vehicle, however fire and theft cover is included as well as damages to the other party.

Third Party only: This is very limited cover. This will only cover the other party’s damages.

In principle they both typically cover similar insured events, such as flood and storm. The building insurance aims at the structure of the building itself whereas the home contents cover the contents and moveable items kept within the structure. For that reason, it is important to have cover for both should you own the building.

The excess amount is the first amount payable by you when your claim is settled or paid out. An excess serves to motivate you as the client to be more responsible and to take better care of your valuables and to prevent small, petty claims as this will have an influence on your claims history and future premiums.