Even before the coronavirus pandemic, South Africans were struggling with their debt. The time to take action and to consider your debt relief options is right now. Debt review is an affordable and effective debt relief options available if you are:
- Earning an income (salary, pension, property rent, UIF etc.)
Recent studies have shown that consumers are unable to keep up with debt repayments due to the pandemic.
You can prevent the worst from happening by taking action before it gets out of hand.
Debt review is a financial solution that can help you get your finances back on track. Let’s talk about debt review: What is it? And how can it help you?
What is debt review?
Debt review is a financial rehabilitative process that helps fix your debt in a structured way. The process was introduced in 2007 by the National Credit Act (NCA) to prevent consumers from being blacklisted.
Once you’ve been placed under debt review, your debt counsellor will consolidate your debt and pay all your creditors on your behalf. You’ll only have to make one single monthly repayment, and your debt counsellor takes care of the rest.
To help make your debt repayments more affordable, your debt counsellor will renegotiate your repayment terms with all your creditors. This would make your debt repayments more affordable so that you have more money available for other monthly expenses.
Because debt review is a legal process, all your assets will be protected from creditors. That means your property, vehicle and other assets are protected against repossession. All you need to worry about is making sure you cover your monthly installments.
Once you’re under debt review you won’t be able to make any more debt, until you’ve completed the process. This has been put in place by the NCA to help you reduce your debt as quickly as possible.
As part of the debt review process, you will receive a personalized budget that will help you organize your repayments and budget successfully. You can use this budget plan to learn how to work with money and avoid becoming over-indebted in the future.
When you’ve completed the debt review process you can start rebuilding a healthy financial position.
How can you apply for debt review?
Use our online debt calculator to check whether you qualify for debt review.
If you feel you may be over-indebted and that you may benefit from the debt review process, request a callback today. One of our senior consultants will assess your financial situation and get back to you with your results.
This is a free no-obligation assessment that helps us determine whether you qualify for debt review. Once you’re happy to proceed with the process, our friendly consultant will process your application.
If you are over-indebted, take action before it’s too late. Fill in your contact details below and one of our friendly consultants will get back to you.