Can You be Locked Up for Not Paying Your Debt?

Can you be locked up for not paying your debt?

Can You be Locked Up for Not Paying Your Debt?

At Debtco Group, we assist consumers who are in debt through the process of Debt Review. We deal with clients facing various levels of debt difficulties and understand the stress that it causes. Our goal is to guide struggling individuals through their struggles, help them to pay back what they owe, and protect them from creditor harassment.

Many times, individuals live in fear of being jailed due to their debts. Fortunately, South African laws prevent this from happening, with more realistic consequences being asset repossession and facing bad listings that leave you with a tainted credit report. Debt Review is a process that restructures the monthly payments you make to your creditors so that you can afford them. One of our qualified Debt Counsellors will assess your affordability and negotiate with your creditors on your behalf, giving you the chance to get your finances back on track.

While you cannot be locked up because of debt you have not paid, there are specific circumstances in which you can face jail time that relate to your financial obligations. If you don’t pay your SARS taxes or monthly child maintenance, or if you do not appear in court when the need for a financial query arises, you could receive a prison sentence. Knowing this is key to ensuring these expenses always factor into your budget. Having money freed up in your budget through Debt Review can help you to pay back everything you have to.

Debt Counselling has many benefits for struggling consumers, from instant financial relief to the protection of your valuables from asset repossession. Any communications between you and your creditors are taken over by our team, and your creditors are blocked from contacting you to enquire about outstanding payments. Our Debt Counselling service ensures a well-rounded debt repayment solution.

There are certain rules in place to offer consumers and creditors protection through the lending process. Before you can be granted credit, a credit check should be completed, and your finances are also considered to make sure you can pay back what you owe. If this is not done, it is considered Reckless Lending. During the Debt Review process, we check for indications of Reckless Lending. Another rule is that debt collectors may not misrepresent themselves or use harassment or force to collect overdue payments.

Let Debtco Group get you through your debts with the help of Debt Review. Our Debt Counsellors are all registered with the National Credit Regulator, and we have a high success rate. Contact us today to begin the process of freeing yourself of debt.

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