Lost your Job while Under Debt Review – What Now?

If you’re under debt review and you’ve lost your job you have options. You may apply for a 30-day temporary hold on your account or you can claim from your credit life insurance. What should you do if you’ve lost your job while you’re under debt review?

Losing your job comes with a lot of stress, having a debt counsellor by your side to help you with your debt can be invaluable. If you’ve recently lost your job it is most important to communicate this with your debt counsellor as soon as possible. 

What happens when you lose your job while you’re under debt review? 

Due to the recent economic downturn, the National Credit Regulator (NCR) has introduced a plan to help consumers who have experienced a dramatic financial crisis while under debt review. 

The NCR has introduced a 30-day temporary hold on your debt review account if you meet all requirements. 

If you’ve lost your job while you’re under debt review, you’ll have to notify your debt counsellor immediately. You’ll have to provide proof that you are unemployed and that you can’t afford your monthly repayments. Your debt counsellor will communicate with your creditors on your behalf to help you during this difficult time. 

What if you have credit life insurance? 

Credit Life insurance will help you cover debt obligations in case of death, disability, disease or retrenchment. 

In the case of temporary retrenchment, credit life insurance will cover your debt review instalments for up to 6 months. If you have credit life insurance and you’ve been retrenched, you should notify your debt counsellor who will help you during this difficult time. 

If you’re unsure whether you have credit life insurance, you should contact your debt counsellor to check this for you.

Your debt counsellor will help you find the best solution for your financial situation. Your debt counsellor is obligated to assist you as best possible. If you require more information please feel free to contact us. Alternatively, you can leave your contact information in the form below and we’ll get back to you as soon as possible. 

2 responses to “Lost your Job while Under Debt Review – What Now?”

  1. Good day Zaid, we are so sorry to hear about this. Please get in contact with our office if you are a client of Debt Rescue in order to advise on the next steps.

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