Common use of Debt counselling Clause in Contracts

Debt counselling. If you are experiencing difficulty in meeting your financial obligations under your credit agreement, you have the right to apply to a debt counsellor for a declaration that you are over-indebted and for rearrangement of your financial obligations under the credit agreement. If the debt counsellor determines that you are over-indebted, the debt counsellor will propose a rearrangement of your financial obligations. If we agree with the proposal, your financial obligations under the credit agreement will be rearranged under a Magistrate’s Court/National Consumer Tribunal order. If we do not agree to the proposal, the debt counsellor will refer it to a Magistrate’s Court/National Consumer Tribunal which may exercise its power to rearrange your financial obligations under the credit agreement.

Debt counselling. If you are experiencing difficulty in meeting your financial obligations under your credit agreement, agreement you have the right to apply to a debt counsellor for a declaration that you are over-indebted and for rearrangement re-arrangement of your financial obligations under the credit agreement. If the debt counsellor determines that you are over-indebted, indebted the debt counsellor will propose a rearrangement re-arrangement of your financial obligations. If we agree with the proposal, your financial obligations under the credit agreement will be rearranged re-arranged under a Magistrate’s Magistrates Court/National Consumer Tribunal order. If we do not agree to the proposal, the debt counsellor will refer it to a Magistrate’s Magistrates Court/National Consumer Tribunal which may exercise its power to rearrange re-arrange your financial obligations under the credit agreement.