Empowering You to Live Debt-Free!
Overview
The debt review process is a legal process that helps over-indebted consumers in certain countries (such as South Africa) manage their debt and avoid legal action from creditors. The process involves working with a debt counselor to assess your financial situation and create a repayment plan that is affordable for you and acceptable to your creditors. It’s important to note that the debt review process may vary depending on the country you are in. If you are considering debt review, seek advice from a qualified debt advisor to understand the process and how it applies to your specific situation.
Assessment
The process begins with an assessment of your financial situation by a debt counselor. They will evaluate your income, expenses, and debts to determine whether you qualify for debt review.
Negotiation
If you qualify for debt review, the debt advisor will propose a new repayment plan to your creditors. This plan may include reduced monthly payments and extended repayment terms. You make your monthly payments according to the agreed-upon repayment plan. These payments are typically made to a Payment Distribution Agency (PDA), which then distributes the funds to your creditors.
Legal Protection
Once you are under debt review, you are legally protected from legal action by your creditors. This includes protection from repossession of assets and other legal claims.
Regular Reviews
The debt advisor will conduct regular reviews of your financial situation to ensure you are on track with your repayment plan.
Completion of Debt Review
Once you have paid off your debts according to the repayment plan, your debt advisor will issue a clearance certificate, and you will be removed from debt review. This may take several years depending on the size of your debt and the repayment plan.
Credit Records
Being under debt review may affect your credit record. After completing the process, you may need to work on rebuilding your credit score.
Address
5 Church Street,
Athlone,
Cape Town, 7708
Contact us
Operating hours
Mon – Fri
8am – 5pm
Sat – Sun:
Closed
NCRDC3842