Reckless Credit Agreement
How can your NDA debt counsellor help you with a reckless credit agreement?
What happens after the Court declares the agreement as a reckless credit agreement?
- You won’t have to communicate with your credit providers anymore as we will deal with them for you.
- We will issue a proposal to the Magistrate’s Court or the National Credit Tribunal (NCT) recommending they make and order that declares it a reckless credit agreement
- We will instruct attorneys and take necessary legal measures on your behalf with a view to compensation
Once an agreement has been declared as a reckless credit agreement, it may be fully or partially unenforceable and the credit provider may lose some or all of the credit that they granted to you. It may be put on hold until a time when you are no longer over-indebted
, in which case you would not have to pay fees or interest until said time.
The Court may then make an order that-
What are the benefits of an order being made against a reckless credit agreement?
- Sets aside all or part of your consumer rights and obligations, if they determine the circumstances to be just and reasonable, or
- Suspends the force and effect of the reckless credit agreement
- You won’t have to make any further payments to the credit provider
- The credit provider may not demand payment from you
- No interest or other fees will be charged under the reckless credit agreement
- Your repayment obligations and total debt will be significantly reduced