Debt Review, also known as debt counselling in South Africa, is a legal process that provides debt solutions for over indebted consumers.
While this process will not magically erase all your debt, it will provide immediate debt relief from your creditors.
Furthermore, an affordable repayment plan to settle all your outstanding debt will be created by your counsellor.
For over indebted consumers interested in the review process, you can get more information below.
One of the keys to a successful outcome to the process is that it is administered by a reputable & professional debt counsellor who is registered by the National Credit Regulator (NCR).
Unfortunately, it is common for consumers to pay disreputable counsellors who are only after their money & don’t have their best interests at heart.
In these instances, the debtor usually gives up on the process & starts incurring more debt & falls into an irreversible debt spiral.
It’s therefore vital to go through a reputable debt counselling company that will appoint a counsellor who will be accountable for guiding you expertly through the entire process with the best financial advice and expertise to get rid of your debt.
A reputable counsellor will always do more than expected by providing a proper assessment of your financial situation as well as ensuring that you are shown exactly how to budget and manage your money effectively & meet all your debt payments.
In summary, debt review is the legal process, formalised by the National Credit Act (NCA), to provide over indebted consumers a structured repayment plan to pay off all their debt.
This is facilitated by a (reputable) debt counsellor who after assessing the client’s financial situation will implement a restructured debt repayment plan.
Reputable debt counsellors will also renegotiate interest rates with the client’s creditors in order to reduce the repayment amounts in conjunction with extending the debt repayment terms.
This all goes to helping the consumer find a manageable way to repay all their creditors and ultimately become debt free.
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