In 2007, the National Credit Act introduced debt review to financially strapped South Africans. A lot of South Africans wonder: Should I go under debt review to get out of debt?
If you’re struggling to make ends meet because of debt, you’re not alone. Many consumers across South Africa are struggling financially and they all seek financial relief.
If you’re wondering if debt review is a good idea or not, the answer is YES!
Debt review will not only help you get out of debt, but you will also learn how to take control of your finances.
How does debt review work?
Debt Review is a regulated process that helps over-indebted South African consumers. If you qualify for debt review, a qualified debt counsellor, registered with the NCR, will negotiate with your credit providers to:
- Extend your credit agreements
- Reduce your monthly debt installments
- Reduce interest rates on your credit agreements, if possible
Your debt will be consolidated so that you only have to make one single reduced monthly debt repayment. By paying a lower monthly instalment you will have money available for any living expenses you may have.
Compared to sequestration or administration, this is a safer, more efficient way to get out of debt.
Who qualifies for debt review?
To qualify for debt review you will have to:
- Be a South African citizen
- Be employed and earn a steady income
- Be approved by your debt counsellor as being over-indebted
- Be unable to meet all your monthly financial obligations on time
- Be committed to becoming debt-free
If you’re committed to be debt-free, start your journey with Debt Rescue today.