The length of time that a person stays under debt review in South Africa can vary depending on their individual circumstances. The debt review process is designed to help over-indebted consumers repay their debts over a period of three to five years, but this can be extended if necessary.
The length of time that a person stays under debt review can depend on factors such as the amount of debt they have, their income, and their ability to make regular payments towards their debts. Some people may be able to complete the debt review process within three years, while others may require a longer period of time.
In some cases, a debt counsellor may be able to negotiate with creditors to lower interest rates or waive certain fees, which can help reduce the total amount of debt owed.
It’s important to note that staying under debt review for an extended period of time can have negative consequences, such as damage to your credit score and difficulty obtaining credit in the future. That’s why it’s important to work closely with your debt counsellor and make regular payments towards your debts in order to complete the process as quickly as possible.
