When it comes down to it, debt can be more than just a four-letter word. When debt gets out of control, it can take a toll on your emotional and physical health.
Many South Africans struggle to live without credit every month. And to add fuel to the fire, many of these consumers are falling behind on their monthly debt repayments. This has resulted in many South Africans being in arrears for more than 3 months, or even becoming blacklisted.
Although it may feel overwhelming, you can get out of debt with the right debt relief solution.
Put simply, debt review is the process of handing over the management of your debt to a debt counsellor. The process allows you to consolidate your debt and work out a payment plan. This will ensure your debt is more affordable and that you have more money available for other monthly expenses.
Debt review is ideal for you if you earn an income and have more than R50 000 debt.
Here are 5 reasons why debt review is the perfect solution if you’re over-indebted.
1. Only make one fixed monthly payment
With debt review, you’ll only have to make one single monthly debt repayment and your debt counsellor is responsible for paying all your creditors on your behalf.
Paying multiple creditors every month can be difficult. You may lose track of your debt repayments, or you may be struggling to meet the requirements of the minimum payment. Debt review makes it easy.
Once you’re under debt review all you have to worry about is making one single monthly debt repayment. You don’t have to stress about late or missed repayments anymore.
2. Pay a reduced monthly payment towards your debt
The goal of debt review is to help you cover all your monthly debt repayments while still allowing you to cover other living expenses.
Your debt counsellor will renegotiate your repayment terms with all your creditors and reduce your monthly repayments. By reducing your monthly debt repayments you’ll have more money available for household expenses, childcare, medical bills, rent/mortgage etc.
Click here to estimate how much you could reduce your current repayments by…
3. Receive legal protection
You will receive legal protection once you’re under debt review. That means all your assets are legally protected by the National Credit Act (NCA) from creditors. Your creditors are not allowed to contact you directly when you’re under debt review. Your debt counsellor will handle all communication on your behalf.
4. Take a break from credit
When you’re placed under debt review your credit profile is flagged with all credit bureaus.
As stated by the National Credit Act (NCA) you won’t be able to take out any more debt as long as you’re under the debt review process. This is great news!
For you to become debt-free as soon as possible you’ll need to avoid debt altogether and focus on eliminating debt. Once you’ve settled all your debt you’ll have access to credit again and you can rebuild your financial situation.
5. Eliminate debt
We guarantee that you will successfully eliminate all debt with the debt review process. Debt review is a legal systematic approach that is proven to help over-indebted consumers become debt-free.
If you are over-indebted, debt review is the perfect solution to help you become debt-free. If you require debt relief please leave your contact details below and one of our consultants will contact you shortly.