Reduced monthly debt burden
Your repayment plan is based on your assessed affordability rather than simply the instalments currently demanded by your creditors.
Debt Review
A legal path to financial freedom.
Struggling to keep up with your monthly debt repayments?
Debt Review can help over-indebted consumers restructure their qualifying debt into a more affordable monthly repayment, while providing legal protection in terms of the National Credit Act.
- ✓ One Affordable Monthly Repayment
- ✓ Restructured Debt Repayments
- ✓ Protection from Legal Action
- ✓ Reduced Interest Rates
How does it work?
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1
Obligation free assessment
We review your income, living expenses, credit agreements and overall financial position to determine whether debt review may be suitable for you.
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2
The debt review application
You complete the debt review application process with our Registered Debt Counsellor, where he will guide you through the steps and process ahead.
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3
Your creditors are informed
Once your completed application has been received, your credit providers will be notified and the relevant debt review documents requested from them.
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4
Your repayment plan is accepted
Our Debt Counsellor will discuss the final repayment plan with you and notify the credit providers of the repayment plan, which is calculated according to your affordability.
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5
Follow your repayment plan
You make your agreed monthly payment, which is distributed to your creditors according to the approved repayment arrangement. You will receive a statement via e-mail every month once your creditors are paid.
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6
The clearance process
Once all your debt has been settled, we will issue you with a clearance letter and have the debt review process completed.
You now live a debt-free life!
How can debt review help me?
Debt Review is designed to help consumers who are over-indebted and struggling to meet their monthly debt obligations.
Your debt counsellor assesses your financial position and determines what you can realistically afford after reasonable living expenses.
Where appropriate, your debt repayments can be restructured to make your monthly obligations more manageable.
Restructured debt repayments
Your credit agreements will be restructured through the debt review process, providing a more manageable repayment period.
Prevents legal repossession
Once the relevant legal protections are in place and you comply with your repayment obligations, debt review can provide important protection against enforcement action relating to your credit agreements.
Less pressure from creditors
Debt review provides a formal legal process for dealing with your credit agreements. Once the relevant legal protections are in place, creditors must deal with your account in accordance with the applicable legal process.
What debt review does not do
Debt Review is not a consolidation loan.
It does not give you additional money to pay your existing creditors.
Debt Review does not make your debt disappear.
Your outstanding debts still need to be repaid according to the restructured repayment arrangement.
Debt Review is not the same as debt consolidation.
Debt consolidation normally involves obtaining a new loan to settle multiple debts, whereas debt counselling is a statutory debt-relief process under the National Credit Act.