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What is Debt Review in South Africa? Debt review, 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 process helps make your financial obligations […]
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Once you have completed the debt review process and all of your debts have been settled in full, your debt counsellor will issue a debt review clearance certificate. The debt review clearance certificate serves as proof that you have completed the debt review process and that you are no longer under debt review. In some […]
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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 income, expenses, and debts. During the assessment, the debt […]
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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 collection practices. When an individual applies for […]
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Debt review is a lifeline for South Africans who are struggling to make ends meet because of unmanageable debt. As everyone’s debt review plan is different, the amount of time the process takes to complete will vary from person to person. Depending on your circumstances, it can take between 3 to 5 years to get […]
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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 repayment terms and reduce the emotional stress and […]
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When you are under debt review, you will make one affordable monthly payment to a Payment Distribution Agency (PDA). The PDA will distribute the funds to your creditors according to the negotiated repayment plan. The debt counsellor will work with you to create a repayment plan that is affordable and manageable, taking into account 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. Once an individual enters the debt review process, their creditors are legally required to stop […]
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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. What […]
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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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What is the National Credit Regulator (NCR)? 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 […]
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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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Now that you’ve completed the debt review process, how do you remove your name from debt review? To understand what happens once you’ve completed the process, you need to understand what happens while you’re under debt review.
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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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The determining factor will be reasonableness. If you can prove that you were not in a position to pay because you were in hospital, for instance, we can send a notification to your Credit Providers. In all probability, you will be excused and your Debt Review will continue. It is very important to note that […]
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Our fees are regulated by the National Credit Regulator and are very reasonable, as the idea is to get you out of debt. The fees will be explained to you in detail once you contact us. The important thing to remember here is that our fees and disbursements are included in your affordable debt repayment […]
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No. We never contact clients at work unless asked to do so.
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In order to be placed under Debt Review, you have to have a monthly income that puts you in a position to make a reasonable offer to your Credit Providers. Therefore, if you are unemployed and you do not receive any other income, like rental income or pension, Debt Review is not the ideal solution […]
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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) and the they must, by law, communicate with your Debt Counsellor and not with you directly. Unfortunately, from time to time, some Credit […]
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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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If Debt Counselling is not the best option for your particular circumstances, we will refer you to one of our preferred service providers to assist you with the most appropriate process, whether it is sequestration or perhaps selling your property.
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In terms of the National Credit Act, as Debt Counsellors, we are allowed to lower your monthly payments by extending your repayment periods and, in some cases, lowering your current interest rate.
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No. The whole process can be finalised telephonically and by email. Therefore, you can contact us no matter where you stay in South Africa.
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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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Unfortunately, this would be a big problem with regards to your Debt Review, as you must make your monthly payments in respect of your debt repayment plan. If this happens and you do not get another income to satisfy your monthly instalment in terms of your debt repayment plan immediately, contact us right away, so […]
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No. The idea is to get you debt free. Therefore, you will not be allowed to incur further debt while you are under Debt Review. Once your obligations towards your Credit Providers have been satisfied, we will issue you with a clearance certificate and you will be able to apply for credit again.
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You can still contact us. There might be other means of assisting you. The sooner you contact us, the better our chances are of finding a workable solution for you.
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You can still contact us. There might be other means of assisting you. The sooner you contact us, the better our chances are of finding a workable solution for you.
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While you are under Debt Review, a flag indicating that you are under Debt Review will be present behind your name at the Credit Bureaux. Once you have satisfied your debt obligations, we will instruct the Credit Bureaux to remove the flag and there will be no indication that you have ever been under Debt […]
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No, while you are under Debt Review, your Credit Providers cannot “blacklist” you. However, if the “blacklisting” takes place before you apply for Debt Review, it will reflect on your credit record. This is another reason why you should rather apply earlier than later for Debt Review.
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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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You will experience the relief that Debt Review offers immediately. We will work out an affordable provisional repayment plan for you within the first 5 days. In terms of the provisional repayment plan, you will make a single monthly payment to a Payment Distribution Agency (PDA). The PDA will distribute the money according to your […]
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Debt Counselling was formally introduced by the National Credit Act to help over-indebted consumers, especially in our current economic crisis. The goal of Debt Counselling is to develop a repayment plan which is affordable to you, as well as acceptable to all your credit providers. It is there to help you, so why not make […]
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