What happens when I request a consultation through this website?
Consumer will be contacted telephonically and offered a complimentary Financial Wellbeing Assessment.
How does Octogen use my information?
We don’t store any of your personal information on this website. If you choose to provide us with your contact details, we will contact you for a Financial Wellbeing Assessment.
Any quiz answers you submit are anonymous, even if you supply us with your contact details.
Is the Debt Repair Service Confidential?
Yes, the service is provided on a strictly confidential basis. Your information is not shared with anybody.
Why is Octogen qualified to assist me?
Octogen is the leading expert on consumer spending in South Africa. The company implemented a consumer spending model in 2003 and assess more than 60 000 consumers every year. The data gathered is used to develop consumer spending norms and this is used in intelligent software in all Financial Wellbeing Assessments. In addition, Octogen was instrumental in the industry implementation of the NCA since 2007. Octogen is also the authors of the debt management training offered by Old Mutual.
When is the best time to request a Debt Repair Consultation?
The most optimal point is when you experience cash flow stress. Early debt repair action normally simplifies the required solution.
Will an additional loan solve my cash flow stress?
New debt to supplement cash flow will increase your debt predicament. More debt creates a false hope of improved cash flow. All that will happen is a delay in tackling the real problem. The longer you wait the more difficult it becomes to fix the problem. Early intervention is always more effective.
What happens during a Debt Repair Consultation?
You provide us details of all your income and expenses. Debt repayments are uploaded from your credit bureau report. Your spending patterns are compared to the spending norm in South Africa. Possible spending pattern amendments are identified to improve your credit score and where applicable, a debt reduction plan. In the majority of cases spending pattern amendments are sufficient to address the cash flow problem.
Do I receive a report on completion of the consultation?
Yes, you will receive an e-mail with your Budget Planner Report, which will reflect your Financial Wellbeing Assessment and a copy of your Credit Bureau Report.
What will happen if spending pattern amendments are not sufficient?
Two options are available. We can negotiate on your behalf on a particular Credit Agreement to amend your repayment plan. This process is done by a registered Alternative Dispute Resolution Agent (ADR). The second option is to make use of the protection of the NCA by applying for Debt Review with a registered Debt Counsellor. In this option a repayment plan is negotiated with all Credit Providers to repay your debt in full without cancelling your Insurance, Medial Aid or Retirement savings. Both options will attract a fee for service which is quoted upfront for acceptance by the Consumer.
Are follow-up consultations available?
Yes, during the first consultation a follow-up consultation will be offered.