With more South Africans getting into serious debt since the advent of covid, it’s time to take debt review pretty seriously. But what really is debt review? For starters, debt review, also known as debt counseling, is a debt relief measure instituted by the National Credit Act (NCA) in 2007 to help vulnerable South Africans get out of debt. This process prevents consumers from getting blacklisted or all of the not-so-cool consequences that come with the inability to pay off debts.
Debt review is perfect for South Africans with meager incomes who are struggling to make ends meet. Especially people falling further into debt and unable to meet up with their current monthly debt repayment plans. Even though consolidation loans have helped many South Africans get out of debt, consolidation loans are only a short-term solution. Plus, consolidation loans may end up pushing consumers further into debt. That’s why many South Africans are opting for debt review, as it is a lot safer and more effective than consolidation loans.
For vulnerable South Africans struggling to meet their monthly debt repayments in full or struggling to meet basic living expenses, now is the perfect time to apply for debt review and get the peace of mind you deserve.
South Africans who are over-indebted can approach a debt counselor to assist them with all the legal processes. However, keep in mind that your preferred debt counselor must be registered with National Credit (NCR).
Why Debt Review?
Debt review comes with amazing perks, and we will look at all of them in detail shortly. But before then, let’s take you through some of the remarkable benefits of getting your debts reviewed.
- Helps negotiate an affordable monthly budget
- Helps to restructure debts, so you end up paying one monthly debt repayment
- Takes up communication with Credit Providers
- Negotiates a fair repayment plan with credit providers
- Gives you legal protection
Helps negotiate an affordable monthly budget
Once you opt for debt review, your debt counselor will work with you to negotiate a new and affordable monthly budget along with debt repayment plans that are uniquely tailored to your needs. The cool thing about debt review is that you also get some helpful tips and advice from professionals on managing your finances and staying out of debt in the future.
Hassle-free debts restructuring
With a professional debt counselor at your service, you’ll enjoy hassle-free debt restructuring. What we mean here is that a debt counselor can restructure your debts in such a way that you only pay one reduced monthly debt repayment to a payment distribution company who then subsequently pays all your creditors on your behalf. This way, you’re able to meet up with all your monthly debt repayment obligations while seamlessly covering all your living expenses.
Takes up communication with Credit Providers
Like we mentioned earlier, debt review saves you a lot of headaches and gives you the peace of mind you deserve. By signing up for debt review, you no longer have to communicate with your credit providers as your debt counselor is now fully obligated to continue all communications with creditors on your behalf.
Negotiate a fair repayment plan with credit providers
Part of the responsibilities of your debt counselor is to negotiate with your credit providers to extend your debt repayment terms. With this, you’ll get a reduced monthly amount to pay towards your debt monthly. This deal further ensures that you can seamlessly afford to meet your living expenses without sweating it.
Before opting for debt review, many South Africans who are unable to meet their debt repayment obligations are threatened with legal actions by creditors. Thankfully, debt review protects you from any form of legal action. With this, creditors no longer have the power to hassle or communicate with you as the NCA obligates your debt counselor to handle all legal matters on your behalf.
No more blacklisting
Being under debt review gives you a lot of cover. For instance, credit bureaus cannot blacklist you, thanks to being covered by the NCA. More so, once you have completed the debt review process, credit bureaus will have no permanent record showing that you have even been under debt review.
What are the downsides of debt review?
While debt review is a wonderful option for South Africans struggling to meet their debt repayment plans, not everyone qualifies for debt review. To qualify for debt review, you’ll have to meet all the requirements stipulated by the NCA. These requirements include:
- You must be a South African Citizen, as the debt review process was introduced solely to help South African credit users get out of debt. To this end, you must have a valid South African ID or passport to qualify.
- You must be over-indebted: If you’re not over-indebted, then debt review isn’t for you.
- You must be struggling to meet all your financial obligations on time.
- To qualify for debt review, either you or your spouse must have a steady income.
Should a debt counselor determine that you’re not over-indebted, we are afraid you’ll not qualify for debt review. And should that be the case, you’ll get a letter of rejection explaining why you didn’t qualify or why you were rejected.
Who needs debt review?
As professionals with many years of experience in this industry, we always urge consumers to spend, save and repay their debts wisely. Unfortunately, many South Africans have reached a point where they can no longer offset their debts by themselves. This is why debt review has become super important.
Here is how to know if you need debt review:
- If you have exceeded your overdraft/credit cards
- Failed to meet one or more payments
- Don’t have enough money to meet your monthly living expenses
- Selling your assets to make ends meet
- Applying for more credit to survive
- Losing your peace of mind and sleep, stressing about money
For South Africans struggling to manage their debt, now is the best time to opt for Debt Review, and good enough, we can help guide you through the entire debt review process and help you live a life free of debt.
Can debt review help you?
Without mincing words, debt review was specially designed to protect consumers from creditors. With us at your service, you’ll enjoy the peace of mind knowing that we will negotiate and work out a reasonable payment plan that works for you. We take over all the negotiations on your behalf, so you end up paying only what you can afford. How cool can that be?
How debt review works
Many South Africans wait until it’s too late before they apply for debt review as they have no idea how the process works. But guess what, the process isn’t as complicated as you imagine. As a matter of fact, it is pretty simple. You can enjoy all of the benefits of debt review in three simple steps:
Simple and straightforward assessment
Your debt review journey starts with a simple assessment which involves completing a simple online form to assess your current financial situation. And just so you know, the entire process is confidential.
After carefully assessing your situation, we will provide you with some options so you know exactly what works for you.
Choose your preferred solution
Once we have found the right solution for you, we will kick off the process so you can enjoy the full perks of debt review.
Debt review steps
For South Africans looking to apply for debt review, here are six basic steps of debt review you should know. And yes, always opt for a debt counselor you can trust. With us at your service, you’re sure to get a reliable debt counselor you can call any time you have a question. This will save you the hassles of explaining yourself every time you call. To talk to a reliable counselor, feel free to book a free and confidential consultation with us.
Calculate how much you can save without sweating it
Our free online calculator will help you correctly calculate how much you can save with debt review.
Hassle-free and confidential consultation
Book a free, seamless, and confidential consultation session with a debt counselor who will explain everything to you in detail. Remember, this is discrete.
Apply for debt review online
Once you’re ready to get your debt reviewed, you only need to fill an online form to get the process started. It’s that easy.
Kick-off your new repayment plan
At this stage, you’ll start paying a reduced single monthly payment plan that works for you. Plus, this stage means you’re officially in debt review.
Say goodbye to debt review
Our goal is to get you out of debt review as quickly as possible, and we do that with everything at our disposal.
Clear Your Name
Once you have successfully cleared your debts, you’ll be issued a debt certificate, which allows you to resume a debt-free and comfortable life. And yes, your debt-free certificate makes you eligible for credit once again.
Want to get your debts reviewed?
Without a doubt, dealing with debts can be a tad stressful, but with us at your service, you’ll get out of debts faster than you ever imagined. And since we have the best professionals to handle your debt review, you can rest assured that everything is done by the book. Let us also add that we are easy to work with. Our debt review process is straightforward, thanks to our years of experience in this industry.
- We value your privacy and ensure that the debt review process is discreet and confidential.
- Our years of experience in this industry give us an edge over other debt review companies. More so, we have been able to establish strategic partnerships with all major financial institutions and creditors.
- There are no HIDDEN FEES to worry about as we operate by the book.
- Having helped thousands of South Africans get out of debt, we guarantee a high level of success.
Don’t wait for another second; get your debit reviewed by filling the online form on our page. Once you have done that, our experts will reach out to you for a hassle-free consultation session.