Hyphen PDA provides an indicative balance per obligation on the Consumer Statement which is simply the opening balance and is reduced by the instalment paid monthly. The Debt Counsellor is in the position, on request, to get an updated and accurate balance from the Credit Provider.
Is hyphen PDA registered with NCR?
Hyphen PDA is the first of the 3 NCR recognised PDAs who have been successfully registered with the National Credit Regulator (NCR). Hyphen PDA is now the first PDA to receive it’s official NCR Certification after completing the rigorous (and expensive) registration process.
What is a PDA statement?
Consumers who enter debt review receive a monthly statement from their Payment Distribution Agency (PDA). This statement outlines how their one monthly debt repayment has been split up among their credit providers.
What happens if I can’t pay my debt review?
What happens if I can’t pay my full debt review? If you can’t honour your debt repayment plan by falling short on your payments or not paying them at all, your credit providers will start taking legal action. Legal action can result in you losing all of your assets — even your home.
What is PDA payment?
A Payment Distribution Agency or PDA for short is an entity described in the National Credit Act and has the mandate to collect funds from consumers who are in the debt counselling process, and then distribute those funds to the consumer’s credit providers.
How long does debt review last?
How Long Does Debt Review Last? The average time required to complete a debt review is three to five years or 36 – 60 months.
What is payment distribution agency?
Can I reverse a debt review debit order?
Yes. Debit orders below R200 can usually be disputed using your banking app or online banking. To reverse a debit order, you need to take some action. For a debit order above R200, a trip to the branch is required or a call to your banks helpdesk needs to be made.
Can I pay my creditors directly while under debt review?
Must I continue to pay my accounts directly while I am still under debt review? You will no longer pay your credit providers directly.
Can I buy a house after debt review?
Therefore, you clients have paid off all their debt under debt review; you are free to borrow credit again and will be allowed to purchase a house, car, etc.
