Since debt-counselling fees are not prescribed in regulations under the National Credit Act, the National Credit Regulator has issued a fee guideline. It intends prescribing debt-counselling fees through regulations. But until then, the NCR's fee guideline states that you can be charged the following, excluding VAT: An application fee of R50; A rejection fee of R300 if it's found that you are not overindebted; and A restructuring fee equal to the first instalment to your creditors in terms of the debt-restructuring plan, up to a maximum of R6,000. If the total amount available for distribution to all your creditors is R12,000 a month, your one-off restructuring fee will be no more than R6,000. If your first instalment to all your creditors is R3,500 a month, that is what your debt counsellor will get paid as a restructuring fee. A monthly after-care fee of 5% of the monthly instalment up to a maximum of R400 a month. This fee applies for the first 24 months, before reducing to 3% to...
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