What Is Debt Review?
What is debt review?
Debt Review, otherwise called Debt Counselling, is a debt relief program to assist over-indebted South African consumers. A Debt Counsellor handles the process and negotiates a new repayment plan with your credit providers. The debt still remains your own as this is not a consolidation loan.
If accepted, you will be allowed to pay one easy instalment per month towards all your debt. The process will become an order of court. You will keep paying the reduced instalment for a period of up to five years or until your debt is paid off.
When your debts have been settled, the Debt Counsellor will issue you with a clearance certificate. After This process there will be no records of the debt review process and you will be able to apply for credit again.
It is important to mention that any client under Debt Review will be legally protected by the NCA. No further legal action will be allowed during the process. Credit providers will not be allowed to bother you as they will only deal with the Debt Counsellor.
For more information, please contact us on 087 550 11 22 or complete the call me back form.
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