is a process in terms of the National Credit Act for over indebted consumers. The purpose of the act is to protect the over indebted consumer against Credit providers.
The first step in the process is to get the help from a debt counsellor and we do recommend that you do work with a company that has a NCR number and thus is registered with the NCR.
You will need to provide the debt counselling company with information and documents such as, your ID document and Salary slip. The debt counsellor will then take all the information and determine if you are able to repay your debts monthly or not. Remember to be completely honest and provide all the relevant information as well as expenses.
The debt counsellor will then draw up an income and expense document to determine truly if you are able to repay your debts and give this final numbers to you. If you are not able to repay your debts, the official process of registering for debt counselling will start. There are a few fees involved and remember to make sure with your debt counsellor about these fees.
These include an application fee, a rejecting and restructuring fee, monthly fee and legal fees. The debt counsellor will then inform all your creditors and follow up on the outstanding amounts and well as contact the bureaus to let them know that you are under debt review.
If all the creditors are happy with the payment terms, a legal consent will be given, stating that the lower monthly installment terms have been agreed to and cannot be changed later on.
The applicant must then from his/her side comply and stay up to date with the monthly repayments. This is the debt review process in short and if you do feel that you do need the help of a review company to assist you with debt counselling, please complete the enquiry form below and we will get back to you as soon as possible.
Our purpose is to provide consumers with Financial Security and Freedom:
- Protection in terms of the National Credit Act
- Budget planning
- Certainty of outstanding debt and balances
- Direct negotiations with credit providers by Debt Counsellor
- Confidential management of finance
- Professional service and knowledge
- Financial freedom.
Benefits of Debt Review
There are quite a few benefits debt review provides and since we get asked this question allot, we decided to outline these benefits for you of going under debt review.