South Africans struggling with unmanageable debt can benefit from debt review, facilitated by registered debt counsellors and reduced repayment plans. The NCA governs the process, ensuring stringent standards and a reliable path to debt freedom. Duration varies based on the factors that follow. Summary of debt review Debt review, introduced by the National Credit Act […]
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Debt review is crucial for South Africans struggling with unmanageable debt, taking 3 to 5 years to complete, depending on individual circumstances, as each plan varies and the process varies from person to person. How does debt review work? The National Credit Act introduced debt review in 2007 to assist South African consumers over-indebted. This
Debt review legislation under the National Credit Act (NCA) protects over-indebted consumers from harassment and unfair debt collection practices. When an individual applies for debt review, their debt counsellor informs creditors of their intention, detailing their financial situation and proposed repayment plan. Creditors can’t take legal action against the individual for up to 60 working
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A free, no-obligation debt review assessment is the initial step in the debt review process, assessing an individual’s financial situation. A debt counsellor reviews your credit report and monthly income and expenses to determine your debt-to-income ratio. A high ratio indicates difficulties in repaying debts. In South Africa, an individual is considered over-indebted if they
After completing the debt review process and settling all debts, a debt counsellor will issue a debt review clearance certificate, serving as proof of no longer under debt review. The process can take several months, especially if disputes arise. It’s crucial to stay in touch with your debt counsellor throughout and after the process to
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It is important to note that these are just a few of the many different financial personalities that exist. No one person is purely one type or another. We all have a mix of different personality traits that influence our financial decisions. The key is to understand your own financial personality and to use it
Why would you want to hustle ? The extra income can help overindebted individuals pay down their debt faster, reduce stress, improve credit score, achieve financial freedom, gain experience, and have fun. It can help them save for retirement, invest for the future, and take care of their family. Pursuing a side hustle can also
Debt counselling has a positive impact on credit scores, with successful completion resulting in significantly higher scores for over-indebted consumers compared to those who don\’t. The take on Debt and Credit-score. Founder of Debt Guides, emphasizes that a high credit score is primarily driven by debt repayment, regardless of debt counselling. Debt counselling offers structured,
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Regularly reviewing your credit report is crucial for maintaining financial health. It provides a detailed record of your borrowing and payment history. Your credit report is used by lenders to determine credit-worthiness. Regularly addressing inaccuracies, disputes, and fraudulent activities can improve your credit score tremendously. Why should you look at your credit report? Analysing for
The act of grabbing your car keys can be likened to depositing money into a large bank of expenses, such as fuel, vehicle maintenance, groceries, and time. The fuel price\’s unpredictable mood swings, mostly upward, are making trips outside the home feel like a taxing expedition on stretched budgets. However, there are smart strategies and