Welcome to Finwell Legal Services
Your partners in your journey to financial wellness
Mythbusters
We are NOT debt collectors or debt counsellors, nor debt review
Our mediation services do not reflect negatively on your credit profile
Fact
As your partner on your journey to Financial Wellness, we are committed to always having your best interests at heart and delivering great customer service.
Our Products
YOUR JOURNEY STARTS HERE
A Financial Wealth Assessment forms the basis of your journey to financial freedom.
It is like a Doctor who has to perform a health checkup before he can diagnose your problem.
So – before specific solutions can be tailored to your needs, we need to perform a Financial Wealth Assessment. Think of it as a financial health check.
This product is only a once-off cost.
How does this work?
- One of our consultants will engage with you telephonically, and explain that this is the first step in the process.
- Only after doing the Financial Wealth Assessment, can they discuss further options with you.
- If you agree to starting the process, you will be asked by our consultant to approve the once off payment using your cellphone. NO unauthorised deductions can take place since we use the Debicheck system. DebiCheck is a secure debit order payment system that allows you to electronically approve your debit order details. This will prevent fraudulent debit orders from being processed, giving you more control over your finances.
- After our consultant has done the Financial Wealth Assessment, it will be sent to you – and the consultant will again call you to discuss and explain further options going forward. This is like the doctor discussing your possible medication or surgery AFTER he has done his medical examination.
- You have the option to accept or decline any proposed solutions going forward.
*** NB – even if you decline further actions to improve your financial wellness, you are still liable for the once-off cost of the Financial Wealth Assessment. It is similar to the consultation fee that you would pay the doctor.
This package authorizes us to receive and distribute an affordable amount to your respective creditors after negotiating lower payments on your behalf.
Finwell works closely with Bornman Marlow Attorneys. They assist us with negotiations and legal matters arising from our dealings with the creditors. Bornman Marlow Attorneys is registered with the Legal Practice Council.
The main aim behind the Affordable Distribution service is to get the consumer to financial freedom in a shorter period than planned, by implementing a savings program by looking at Prescription, the In Duplim rule and overcharge in interest to save the client money.
Affordable Distribution – The facts.
- Finwell Legal Services DOES NOT LIST you on any Credit Bureau.
- You conveniently pay one amount (discussed and agreed upon by yourself) to Finwell Legal Services monthly and we pay all the Creditors you have selected to be part of the Affordable Distribution process.
- The success of this process is dependent on the partnership between Finwell Legal Services and yourself. You will be required to provide the required documentation promptly to allow us to start the process to your financial wellness.
- Your first payment is retained by Finwell Legal Services to cover the cost of negotiating with your creditors and the restructuring of your debt, under voluntary distribution, and the opening of your distribution account. This cost is also inclusive of administration and management fees. In the event of wanting to cancel this agreement, you are to do so in writing within a 30-day period, however, you shall not be entitled to any refund of amounts which we may have withdrawn while this arrangement was in place.
- Your second payment as well as all future payments will be distributed to your creditors, as agreed upon, on the application. These payments are processed through the distribution account, facilitated by IMB Financial Services, and the Finwell Legal Services platform.
- It is recommended that you start your journey to Financial Wellness on a clean slate and open another bank account to receive your salary to avoid double deductions should you not be able to stop your debit/stop orders. We can assist with the opening of a new Bank account. PLEASE NOTE that should you have debit orders on your bank account, it is your responsibility to have them stopped and to inform the bank regarding the program you have entered. We can assist in this regard by supplying you with a Bank cancellation letter which will assist in the debit order cancellation process at your Bank.
- Please notify your employer of your new banking details for future salary deposits.
- Should your creditors or their legal representatives contact or harass you, please send them a copy of our correspondence or refer them to our legal restructuring department. Alternatively, obtain their contact details so that our office can contact them on your behalf. Please note that this is an informal restructuring program, and you might have already been listed on the Credit Bureau.
- Accruing interest can still be charged by the Credit Provider.
- When on the Affordable Distribution process, you can download the FINWELL APP which will allow you to see your distribution statement and allow you to download Proof of payments.
- You will be rewarded through the My Benefits rewards programme for paying your monthly debt.
IT MUST BE NOTED THAT DURING THE FIRST 30-90 DAYS YOUR CREDITORS MAY STILL CONTACT YOU – Kindly refer them to Finwell Legal Services.
The following services are available through the Negative Listing Investigation:
Debt Review Cancellation
With this package we go through a process to remove you from Debt Review and renegotiate an affordable distribution with your creditors. Once short term debt is paid up and long term debt is up to date (bond/property) and we can prove that you are in a better financial position we can update your credit record with all 4 credit bureaus and ensure that your credit profile is no longer flagged.
Adverse/ Default removal
If and when an Adverse listing is PAID UP, Finwell Legal Services will start the process of removing the Adverse listing on your credit profile.
Judgement removal
This is for PAID UP Judgments to be removed from the 4 credit bureaus. Finwell Legal Services will assist the consumer to obtain the paid-up letter; if NOT available.
Prescription/In-duplum
In the case of prescription:
- Last payment date is 3 years and over!.
- No communication in the last 3 years.
- No acknowledgement of debt in the last 3 years.
- No judgment granted on the account.
- We investigate the remove the client’s accounts once confirmed prescribed.
In the case of the induplum rule being exceeded
- Client has been charged too much arrears interest
We can do an assessment for first time home owners to see if they could qualify for a home loan.
We are able to assist with the following:
- If you want to buy a house
- If you want to know how much you qualify for
- If you want to know the value of your property
- If you have a house and need a further advance on the house
- If you have a house but are overindebted
Add-Ons that benefit the entire family
Most South Africans do not know what a will is let alone the importance of one. At Finwell Wealth Solutions we strive to educate our clients and correctly cover their estate. In association with Capital Legacy , Finwell Wealth Solutions offers indemnity cover that looks after those left behind, covering costs from executor fees to 6 months service fees like school fees, monthly groceries and everything in-between. Unlike funeral cover that is a lump sum of potentially squandered cash, we pay to service providers directly, in order to take pressure off beneficiaries. This revolutionary product evolves as you do, and pretty soon it will be global. Keep your life cover in-tact and let us take your worries on our shoulders.
Have a question?