Have you ever been in a situation where you’d love an instant solution to a problem? Maybe you’re reading this because you’re looking for a quick solution to your debt. Unfortunately, getting out of debt is not an instant process, but if you’re wondering how to be debt free in 6 months, there might be a solution for you!
The Solution to Debt is Debt Review
Debt review is a formal debt restructuring process for South Africans struggling to make ends meet at the end of each month. It was created under the National Credit Act 34 of 2005 (‘NCA’) and was the government’s answer to the rising problem of consumer debt and the chronic over-indebtedness that plagues many South Africans.
Debt review in South Africa was built with you, the consumer, in mind, and is highly regulated and can only be conducted by an NCR qualified Debt Counsellor. The process allows a debt counsellor to renegotiate and restructure your debt to an amount that you can afford each month.
Your only requirement during the debt review process is to continue to pay your reduced monthly instalments, and once your plan is complete and your debt is paid off, your credit record is cleared, and you can start living debt-free.
How Long Does the Debt Review Process Last?
The debt review period varies according to how quickly you can pay off all your debts. The process can last for just a few months, or up to 60 months. So, if you’re disciplined and committed to the process, you can be debt free in 6 months!
Alternatively, if you’re no longer over-indebted and can resume normal repayments, we can begin the debt review removal process for you by applying for an order to rescind your debt review status if you do not have a granted court order declaring you overindebted.
Who Can Go Under Debt Review?
Anyone can apply for debt review, but unfortunately, not everyone qualifies for the process. To be accepted to go under debt review, you need to meet the following criteria:
- You must be a South African citizen between the ages of 18 and 65 with a valid South African ID.
- You must be over-indebted. That means you’re not able to cover your essential living expenses and monthly debt repayments from your income. This is determined by your debt counsellor upon review.
- You must be employed and able to make monthly repayments while under debt review. Unfortunately, if you don’t earn a consistent monthly income, you won’t qualify for debt review.
We Can Help You Become Debt Free
We exist to do everything we can to support you and help you become debt-free. We understand the seriousness of debt and the effects it has not only financially, but emotionally, physically, and mentally.
We’re passionate about seeing people step into financial freedom, and the best way we’ve seen this happen is through our debt review process.
If you’re struggling to make your monthly debt repayments, there is hope for you! All you need to do is reach out to us today and we’ll walk you through the process.
Here is a summary of what you can expect when you work with us:
Step 1: Request a Free Consultation from National Debt Counsellors
One of our professional consultants contacts you and takes you through a no-obligation financial assessment to determine whether you’re over-indebted. Don’t worry, this process is completely confidential!
Step 2: We Notify Your Creditors & Negotiate a New Payment Plan for You
If you are over-indebted, we notify your creditors that you’ve applied to go under debt review. You and your assets are immediately protected under the National Credit Act. We also negotiate your loan agreements with your credit providers and restructure your repayments to an amount that’s affordable for you. This means you’ll no longer struggle to make payments each month!
Step 3: Pay a Single, Affordable Monthly Instalment
Once we’ve handled the above steps for you, you begin paying one easy monthly instalment via an accredited PDA (Payment Distribution Authority), which distributes the funds to your credit providers.
Step 4: We Make the Approved Plan an Order of the Court
Our panel of Attorneys apply to the Magistrates Court on your behalf to make your restructured repayment plan an official order of the court and ensure you remain protected during the process.
Step 5: Your Debt is Paid Off and Your Credit Record is Clear!
Over time you will pay off your debt. Hooray! Once it’s repaid, we issue you a clearance certificate and notify the credit bureaus to clear your credit record. You are now able to live in financial freedom!
The Advantages of Debt Review
Here are some of the reasons you should consider working with us to help clear your debt through this process:
No more high amounts
We reduce your monthly repayments to an amount you can actually afford, which helps you slowly but surely step out of debt and into financial freedom.
We cover you (and your goods)
We provide immediate protection to you and your assets (including your house and car), so there’s no need to worry when you’re under the debt review process.
We’re the ultimate middleman
We negotiate with your credit providers directly, so you don’t receive any more harassing phone calls.
More peace, less stress
We negotiate lower interest rates on your behalf, and we extend your repayment terms. This means you get a bit more breathing room as you begin moving towards more financial stability.
We’re comprehensive from start to finish
Once you’ve cleared your debt, we apply to clear your credit report. So, all you have to do throughout the process is make your payments. We do everything else on your behalf!
The ultimate reason to apply for debt review is simply to get on a better financial wicket overall. To live debt-free is the goal, and with debt review it becomes possible.
Working with National Debt Counsellors
We’re a team of leading debt review consultants who believe that debt doesn’t mean disaster. We assist everyday South Africans who find themselves struggling to meet their monthly financial obligations. Our team of Debt Counsellors are registered with the National Credit Regulator and offers you a free, no-obligation assessment of your financial situation.
So, if you’ve been looking for a way to become debt free, you’ve come to the right place.
