Our dedicated team specializes in assisting individuals who find themselves in challenging financial situations, including those who are over-indebted, blacklisted, seeking to cancel Debt Review, or struggling to meet their debt obligations.
REASONS WHY I NEED CHANGE U DESERVE CREDIT SUPPORT
1. You will pay one affordable installment for all your DEBTS
2. We protect you from further LEGAL ACTION taken against you
3. Your creditors won’t harass you
4. We save you money
5. We take you out of slavery of DEBTS
6. No SUMMONS or LEGAL actions can be taken against you in a form of listings nor any repossession of your valuable assets.
7. All your payments are distributed by accredited PAYMENT DISTRIBUTION AGENCY
8. We hold you by hand as we take you through DEBT-FREE Programme
9. Your assets/goods are protected by the COURT ORDER and the PROCESS itself
10. We give you a second change in solving your Debts problems
11. We will reduce your MONTHLY installment upto 50%
Debt review, also known as debt counselling, was introduced in 2007 with the National Credit Act and is there to assist South Africans who are battling with their debt obligations; whether it is repayments on their houses, cars, credit cards and accounts, or are facing possible repossession of their assets.
Ever wondered about the national debt statistics in South Africa? About 8 million credit-active consumers are in debt-distress.
Being under debt counselling means you have appointed a Debt Counsellor for debt review who has worked through your income and expenses and has determined that you are over-indebted and debt-stressed. This entire process is regulated by the National Credit Regulator (NCR) under the National Credit Act.
Once the Debt Counselor has determined that you have too much debt, your Debt Counselor will put together a repayment plan for you, inclusive of repayment terms, for your outstanding debt and you are placed under debt counseling. This plan often reduces your debt repayments by up to 50%.
At this stage, your creditors and the credit bureaus will be informed that you are undergoing debt counseling.
There is also a reduction in interest rates on unsecured lending, meaning you pay less for your overall debt. This plan would be submitted to a registered payment distribution agency (PDA) that makes all the payments to your creditors on behalf of the Debt Counsellor.
Once your creditors accept the revised repayment plan, legal action cannot be taken against you with regard to your debts under review.
Once all your debts have been repaid, you will be issued with a clearance certificate by your counselor and they will notify the credit bureaus that you are no longer under debt counselling.
Debt counseling is not like blacklisting and any record of being under review will be removed from your credit record once the process has concluded.
While under review, make your monthly repayments on time and watch your debt reduce over time. Enjoy the protection the process provides you and remember, this is your journey to becoming debt-free
When you’re under review it is important to stick to your repayment plan, as skipping the repayments will cancel the agreement.
You are not able to access further credit whilst in the process. This is to make sure your debt is reduced to a zero balance and then your credit report is cleared.
Debt review is a great idea for anyone who is struggling to keep up with their monthly repayments. Sleepless nights worrying about how you will pay for everything can be thing of the past.
5 Reasons why you SHOULD GO under debt review?
1. The debt review process involves reducing the number of your monthly instalments, so you can keep up with them- as well as afford your essential living expenses.
2. The process means you will only have one amount to pay each month and the PDA will distribute to creditors according to the agreed plan.
3. Debt review protects you from losing your property and assets.
4. Your Debt Counsellor will deal with all your creditors, you no longer have to avoid their phone calls.
5. You get a clearance certificate and a clean slate at the end of it.
REMEMBER! Debt review is not a way of financing a lifestyle beyond your means or a quick fix that will get you out of paying off your debts.
Debt review fees, like the time spent in the process, is dependent on how much debt you have. What's very important is that The National Credit Regulator provides a guideline for all the fees involved for debt review. This means a Debt Counselor cannot exceed certain amounts as prescribed by The NCR. Your debt counseling fees are usually taken from the first two monthly installments you make towards your repayment plan with debt review. It's also important to note that free debt review does NOT exist.
While the exact time someone spends under debt review differs from person-to-person, the maximum time an individual can be under debt review is 60 months (5 years). The reason there is no set time is because every person has a different amount of debt and a different affordable monthly installment they can make, while still prioritising their daily living expenses.
Once you have successfully completed the process and received a debt review clearance certificate, you can apply for a loan. Debt review is not a life sentence. It is important to note, however, that you will have to slowly start building up your credit score again before doing so. The reason for this is that debt review gives you a clean credit slate. This means, before you can get new loan, you will have to open a retail account for example, to slowly start building your credit score again. Thereafter, you can apply for a loan.
A disadvantage that scares many people is that when you are under debt review, you will not have access to any new credit. This is actually a benefit to you because you cannot get out of debt by creating more debt. While a loan to cover your debt and emergency expenses may seem necessary, it is always only going to be a temporary solution. See debt review as a more long-term solution to help you get back on-track with your finances.
Also, if you are already struggling to make all your monthly payments, adding another by taking out an extra loan, will just make it worse.
The best way to get out debt review is to complete the process and pay all your debt. If you have paid all your debt and you still have a debt review flag on your credit report, we can get you removed from the debt review process.
As was mentioned earlier in the blog post, this depends on how much debt you have, how much you can afford to pay each month, and it also depends on if you can make extra payments towards your debt. Making extra payments can mean completing the process earlier.