Debt Rehabilitation Letter

Date: [Date]

Dear Sir/Madam,

FORMAL NOTIFICATION OF DEBT REVIEW APPLICATION

I, the undersigned, hereby formally notify you that I have applied for debt review in terms of Section 86 of the National Credit Act 34 of 2005 ("the NCA").

CONSUMER DETAILS:

Full Name:	[NAME]
ID Number:	[ID NUMBER]
Address:	[ADDRESS]
Contact Number:	[PHONE]

DEBT COUNSELLOR DETAILS:

Name:	[COUNSELLOR NAME]
NCR Registration:	[NCR REGISTRATION]
Company:	[COMPANY]
Contact Number:	[PHONE]

APPLICATION DETAILS:

Date of Application: [Date]

LEGAL EFFECT OF THIS NOTIFICATION:

In terms of Section 86(10) of the NCA, from the date of this application:

1. You may not exercise or enforce any right or security under your credit agreement with me during the debt review process;
2. No legal proceedings may be instituted or continued against me in respect of this debt;
3. You are required to participate in good faith in the debt review process and negotiations regarding the restructuring of my debt obligations.

IMPORTANT NOTICES:

• All future correspondence regarding this account should be directed to my appointed Debt Counsellor at the contact details provided above.
• My Debt Counsellor will contact you within 5 business days to discuss the proposed restructuring of this debt.
• In terms of Section 86(9) of the NCA, my Debt Counsellor will advise you of their assessment regarding whether I am over-indebted within 30 business days.
• Should you wish to object to this debt review application, you must do so within 5 business days by notifying my Debt Counsellor in writing.

ACKNOWLEDGEMENT REQUEST:

Kindly acknowledge receipt of this notification by responding to my Debt Counsellor within 5 business days.

I trust that you will cooperate in this process as required by the National Credit Act.

Yours faithfully,

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