Short answer:
A free debt review assessment is the first step in the debt review process. During this assessment, a registered debt counsellor reviews your financial situation to determine if you are over-indebted and eligible for debt review.
What Happens During the Assessment
During your free assessment, the debt counsellor will:
- Review your credit report – This gives an overview of your debts, credit agreements, and payment history.
- Assess your income and expenses – To calculate your debt-to-income ratio and determine how much you can afford to repay each month.
- Evaluate your over-indebtedness – In South Africa, you are considered over-indebted if you cannot meet your debt obligations in full while still covering basic living expenses.
This ensures that only eligible individuals proceed to the debt review process and that any repayment plan created is realistic and manageable.
What Happens After the Assessment
If the debt counsellor determines that you are over-indebted and you choose to proceed:
- They will submit your assessment report and supporting documents to the National Credit Regulator (NCR).
- Your application for debt review is initiated on your behalf.
- This begins the process of negotiating a structured repayment plan with your creditors.
Why the Assessment Is Important
- It ensures that your debt review application is accurate and compliant with the National Credit Act (NCA).
- It gives your debt counsellor a full understanding of your financial situation.
- It forms the foundation of a tailored repayment plan that balances your debt obligations with your living expenses.
Take the First Step
Your free, no-obligation debt review assessment is designed to give you a clear picture of your financial position and your options for becoming debt-free.
Ready to find out if you qualify for debt review? Get your free debt assessment today.
Contact Debt Rescue for a free, personalised, no obligation debt review assessment.
