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Successfully completing the debt review process is a significant financial milestone. It means you have repaid all your restructured debts and can regain full financial independence. Below is a step-by-step guide on what happens once you finish the debt review process and how to ensure a smooth transition back to creditworthiness. 1. Receiving Your Debt […]
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What is Debt Review in South Africa? Debt review (also commonly known as Debt Counselling), established under the National Credit Act (NCA) in South Africa, offers legal relief to people facing overwhelming debt. It involves working with a certified debt counsellor who assesses your finances and negotiates with creditors to lower your monthly payments. This […]
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Taking the First Step: Your Free Debt Review Assessment Getting your free no obligation debt review assessment is the first step in the debt review process. The assessment determines whether you are over-indebted and therefore eligible for debt review. A debt counsellor will conduct a thorough assessment of your financial situation, taking into account your […]
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Understanding Your Legal Protection Under Debt Review Debt review legislation states that once an individual is under debt review, their creditors cannot take legal action against them without permission from the court. This legal protection is provided under the National Credit Act (NCA) and is intended to protect over-indebted consumers from harassment and unfair debt […]
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On average, it usually takes 3 to 5 years to pay off your debt, but this depends on your specific situation. Everyone’s debt review journey is unique, so the time it takes can vary from person to person. A few things can affect how long Debt Review takes, such as: How much debt you have: […]
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The role of the Debt Counsellor in Negotiations Debt counsellors are trained professionals who have expertise in negotiating with creditors. They have a good understanding of the debt review process and are familiar with the legal framework and regulations that govern debt repayment. They have the expertise, experience, and relationships with creditors to secure better […]
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Single Monthly Payment to a PDA When you’re under debt review, all your debt payments are simplified into a single, affordable monthly payment made to a Payment Distribution Agency (PDA). Personalised Repayment Plan The first step involves your debt counsellor creating a personalised repayment plan tailored to your specific financial situation. They will assess your […]
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The debt review process offers legal protection to over-indebted individuals when they enter the debt review process. This protection is provided under the National Credit Act (NCA) and is intended to protect consumers from harassment and unfair debt collection practices. Immediate Protection from Creditors Once an individual enters the debt review process, their creditors are […]
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The possibility of car repossessions haunts many South Africans who have fallen behind on car payments. While the realisation that you cannot afford your car payments is extremely scary, we’re here to guide you through your available options. What is car repossession? When you sign a loan agreement, you commit to a contract. This contract […]
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Debt review, implemented by the National Credit Act (NCA) in 2007, has been essential for South Africans facing financial difficulties. Debt Rescue has successfully helped thousands of clients avoid blacklisting, safeguard their assets, and regain control of their financial situation. It is important to understand both the benefits and disadvantages of debt review. This will […]
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Over-indebted consumers are faced with a number of options to choose from when it comes to getting out of debt. One of these options is a debt consolidation loan. How do debt consolidation loans work? A debt consolidation loan is one single loan taken out to pay off other debt. The purpose of this is […]
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Debt can be a crippling feeling. Luckily for you, Debt Rescue is the number one debt review company in South Africa and can assist over-indebted individuals. Debt Rescue will assist in rectifying your situation as well as preventing you from being blacklisted. How Does Debt Rescue Work? The debt rescue process was brought into effect […]
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Debt relief aims to reduce or refinance your debt so that it’s easier for you to manage your monthly expenses. Making it easier for you to get rid of all your debt and finally become debt-free. If you’re heavily indebted, it’s important that you find the most effective debt relief option for your situation. Debt […]
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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. In 2007, the National Credit Act introduced debt review to financially strapped South Africans. A lot […]
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I’m under debt review. I need money now. Can I get a loan? This is a question many South Africans ask when they’re under debt review. The answer to this question is both yes and no. You’re not allowed to, but people often find ways to bypass the rules. To understand this completely, you need […]
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The National Credit Regulator (NCR) was established by The National Credit Act, 2005 (Act No. 34 of 2005). The NCR is responsible for the regulation of the South African credit industry. The NCA requires the NCR to promote the development of an accessible credit market and to ensure that debt counsellors, the credit bureaux and […]
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Knowing what happens once you’ve completed the process is important. In case you were wondering, there is life after debt review! And, we can safely say that you will be way better off financially once you’ve paid off all of your debt.
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In most cases, being under debt review won’t prevent you from landing a new job, nor will it negatively affect your current employment. Here is what you Need to know Employment Protection: The National Credit Act protects individuals under debt review. Employers cannot fire or discriminate against you due to your debt review status. Debt […]
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Not at all. Provision is made in your debt repayment plan for all your insurance policies. In fact, if you, for example, have vehicle finance, you will be compelled to have insurance on the vehicle.
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If you are unable to make your monthly debt review instalment due to circumstances beyond your control, such as a serious accident or hospitalisation, your situation will be assessed based on reasonableness. If you can provide valid proof, such as medical records or other relevant documentation, your debt counsellor can notify your credit providers of […]
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The costs of debt review are strictly regulated by the National Credit Regulator (NCR) to ensure fairness and affordability. These fees are designed to support the debt review process while keeping your financial recovery in mind. When you enter debt review, all fees are incorporated into your restructured repayment plan. This means you will not […]
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No, your employer will not be notified that you are under debt review. The process is entirely confidential, and Debt Rescue will never contact your workplace unless you specifically request us to do so. If you have any concerns about how debt review might affect your job, our experienced debt counsellors are available to provide […]
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Debt review is designed to help people restructure their repayments, so to qualify, you need to have a monthly income that allows you to make a reasonable offer to your credit providers. If you’re currently unemployed and don’t receive any other income, like a salary, rental earnings, or a pension, debt review may not be […]
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As soon as you apply for Debt Review at Debt Rescue, we will notify all your Credit Providers that you are under Debt Review within 5 days (usually less than 48 hours). By law, they must communicate with your Debt Counsellor and not with you directly. Unfortunately, from time to time, some Credit Providers take […]
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Debt Counselling evolved a great deal since it was launched by the NCA in June 2007. As is the case with the implementation of almost all new legislation, all the grey areas in the Act had to be found and tested in court in order for the Act to run smoothly. We are convinced that […]
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Debt Counselling is a highly effective solution for many South Africans struggling with overwhelming debt. However, it may not be suitable for every financial situation. If Debt Counselling is not the best fit for your circumstances, alternative options are available. At Debt Rescue, we assess each client’s financial position carefully. If we determine that this […]
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Debt Rescue helps over-indebted consumers by restructuring their debt repayments in line with the National Credit Act (NCA) of 2005. As registered debt counsellors, we negotiate with your creditors to extend your repayment terms, making your monthly instalments more manageable. In many cases, we can also secure reduced interest rates, further lowering the overall cost […]
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Do you prefer to connect from home? No problem! The entire debt review consultation and application can be completed remotely via telephone and email, making it accessible and convenient no matter where you are in South Africa. At Debt Rescue, your comfort and convenience always come first. If you’d prefer a friendly face-to-face conversation, we’d […]
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Debt. It can feel like a heavy burden, affecting more than just your finances. It’s not just about the numbers and due dates; it’s the constant, gnawing anxiety that accompanies each financial decision. The weight of which can feel suffocating. If you’re struggling with endless bills and feel like you’re losing the battle with your […]
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It is critically essential to inform us immediately if you’re retrenched while undergoing Debt Review. Losing your income can disrupt your agreed upon debt repayment plan. However, this does not mean that there’s no solution. Contact us right away so that we can explore alternative options together. Our priority is to help you find a […]
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No, you won’t be able to take on new credit or use your credit cards while under Debt Review. The goal is to help you settle your debts and regain financial stability without adding more debt. While this may feel restrictive, it’s a crucial step in getting you debt-free. Once you have successfully completed the […]
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The sooner you reach out to us, the more options we have to explore potential solutions. Every situation is different, so it’s important to act quickly to prevent further legal action. Contact us as soon as possible, and we will work with you to find the best way forward.
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Yes, you can still reach out to us for assistance. The sooner you contact us, the better the chances of finding a workable solution and preventing further legal action. Get in touch with us as soon as possible so we can guide you through your options.
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While you’re under Debt Review, the credit bureaus will show that you are in the process of repaying your debts, which means you won’t be able to take on new credit during this time. Once you have settled all your debt, we will issue you with a Clearance Certificate and notify the credit bureaus to […]
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No, while you are under Debt Review, your Credit Providers cannot “blacklist” you. They also cannot list any new adverse information (such as defaults or judgments) on your credit profile for accounts included in the Debt Review process. If “blacklisting” were recorded by a Credit Bureau before you applied for Debt Review, this will remain […]
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No, you do not have to appear in Court as your Debt Counsellor will be the applicant and you will be a respondent. As soon as our attorneys notify us of the outcome, we will notify you of the same immediately. In the unlikely event that the magistrate requests your presence, it will most likely […]
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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 […]
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No. In fact, Debt Review however save your home and vehicle. However, this will depend on your unique circumstances. Factors that will determine this includes:
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Immediately! Debt Review is designed to give you financial breathing room from Day One by restructuring your repayments into an affordable plan. What Happens Next? First 5 Days: A provisional repayment plan is created, ensuring you make just one affordable monthly payment instead of trying to manage multiple debts. Single Monthly Payment: Your payment goes […]
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If you’re struggling to keep up with your debt repayments, Debt Counselling offers a structured, legally protected solution designed to help you regain control of your finances. Introduced by the National Credit Act (NCA) of 2005, debt counselling was created to support South Africans overwhelmed by debt, offering a clear path toward financial freedom. At […]
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