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. In this post, we’ll discuss what this process is and what it can do for you and your household.

So, exactly what is it?

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. The National Credit Act protects all consumers against legal action from credit providers when under review.

A debt counsellor assesses the consumer’s outstanding debt and then renegotiates for lower interest rates with credit providers, while trying to extend the deb repayment terms. At this stage, we can implement a new and affordable monthly payment plan. The client will then only make one monthly payment to the agency in order to pay to all credit providers. This drastically reduces the stress of having multiple debt repayments.

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 review are naturally protected from legal action. In the past, vehicle finance and home loans could not be included in the options that were 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. This process gives consumers the chance to appoint a representative that can negotiate with their credit providers on their behalf.

The aims and successes 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. The debt counsellor will individually take each consumer that applies for this process through the whole process step by step. Success in this has been proven for years in many countries long before it was made available to South Africans.

Today, the far majority of Credit Providers trust Debt Review. It has been responsible for the distribution of more than R10 billion since it’s inception in 2007. This makes it easy for us to achieve co-operation from many small to large credit providers across the country.

Any employed South African (or with a source of income) should 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.