Debt review, also known as Debt counselling, is a debt relief measure in South Africa that helps over-indebted consumers get out of debt. The National Credit Act (NCA) introduced the process in 2007 to prevent consumers from being blacklisted and having to deal with the consequences thereof.
The process is ideal for South Africans with an income who are struggling to make ends meet. Particularly for those falling further into debt and who cannot keep up with monthly debt payments. Debt review is safer and more effective than consolidation loans, which often end up being short-term solutions or get consumers further into debt.
If you are over-indebted, you can approach a debt counsellor to help you with the legal process. Your debt counsellor must be registered with the National Credit Regulator (NCR).
An affordable monthly budget.
Restructuring of debts so you only pay one monthly debt repayment.
We take over all communication with Credit Providers.
Negotiating with credit providers for reduced payments.
Legal protection.
While under debt review, we will provide you with a new affordable monthly budget and debt repayment plan tailored to your needs. You will also receive advice and guidance on how to handle your finances to ensure a long-term debt-free future.
We will help restructure your debts. You only have to pay one reduced monthly debt repayment to a payment distribution agency, which will then pay all your creditors on your behalf. This way, you will be able to afford your monthly debt repayments while still being able to cover all your living expenses.
While under debt review, you are no longer required to communicate with your credit providers further. We will take over all further communications on your behalf.
We will negotiate with your credit providers to extend your debt repayment terms. This will reduce the monthly amount you will have to pay towards debt every month. This will ensure you can afford to pay for living expenses.
Before being placed under debt review, you may be threatened with legal action by your creditors. Under debt review, you are protected by the National Credit Act. This means that creditors are no longer allowed to hassle you – and should not communicate with you at all. We will handle all legal matters for you going forward.
You’ve maxed out your overdraft/credit cards.
You’ve fallen behind on one or more payments.
You don’t have enough money to cover monthly living expenses.
You’re selling assets to make ends meet.
You’re taking out more credit to get by.
You’re losing sleep stressing about money.
If you’re struggling to manage your debt every month, contact us.
We can guide you through the entire debt review process and help you become debt-free.