Debt Review is still relatively new in South Africa. For years the only options for over indebted South Africans was Administration and Sequestration.
Debt Review finally came into action in 2007 when the National Credit Act came into being. This gave South Africans peace of mind, knowing that there’s an alternative way for them to take control of their debt.
So, exactly what is debt review?
Debt Review is a process for over indebted consumers in terms of the National Credit Act in South Africa. The act protects over indebted consumers against Credit providers. Debt review gives consumers the chance to appoint a representative that can negotiate with their credit providers on their behalf. While under debt review, consumers are protected against legal action from credit providers.
A debt counselor assesses the consumer’s outstanding debt, and then renegotiates for new lower interest rates with credit providers to try and reduce them, as well as try to extend the deb repayment terms. This allow a new and affordable monthly payment plan to be put into action. The client will then make only one monthly payment to the agency, which will then be used to pay to all credit providers. This drastically reduces the stress of having multiple debt repayments.
Debt review is a legal and proven process to help over indebted South Africans.
Debt Review takes care of the well being of over indebted South Africans on a personal level. All consumers who are under debt review, are naturally protected from legal action. In the past vehicle finance and home loans could not be included in the options that was available to South Africans at the time. With the new laws and regulations, Debt Review gives the consumer peace of mind knowing that they won’t lose their personal assets like their homes. Consumers can then take care of themselves and their families while taking control of their debt in a dignifying manner. Debt review gives consumers the chance to appoint a representative that can negotiate with their credit providers on their behalf.
The aim and success of Debt Review
The aim of Debt Review is really to recover the consumer, repair their name in the credit market, and to bring them back to financial freedom. Each consumer that applies for Debt Review are taken through the whole process individually step by step. The success behind Debt Review has been proven for years in many other countries long before it was made available as an option for South Africans.
Debt Review is now at a point where it is trusted by many Credit Providers, and it has been responsible to distribute more than R10 billion since it’s inception in 2007. This makes it easy for Debt Review to receive the co-operation from many small to large credit providers across the country.
Any South Africans who are employed or have a source of income are welcome to apply for Debt Review. We are very proud of the fact that we have been able to help so many over indebted South Africans, and that we have been able to bring them back to financial freedom.
Applying for Debt Review is very easy. Just visit our application page, and one of our representatives will get in touch with you to discuss your own personal circumstances.