Did you know that over 80% of people struggle with debt at some point in their lives? If you find yourself overwhelmed by financial obligations, a debt review could be the lifeline you need. By undergoing a debt review process, you can gain control of your finances, reduce stress levels, and work towards a debt-free […]
Understanding the importance of getting out of debt, whether it’s a loan or credit card, is crucial for your financial well-being. You need to address these debts to avoid high interest rates, which can reach up to 25 percent. Debt, whether it be from a loan or credit card, can have a significant impact on
How to Get Out of Debt: 8 Steps for Faster Repayment Read More »
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
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
What happens when I complete the debt review process? Read More »