Let Debt Review Help You
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What can Debt Review do for you?
• Group all your current payments into one lower monthly sum
• Keeps debt collectors away from your door
• Protects your assets from being repossessed
• Helps you rehabilitate your finances
Debt is no joke! Between the high cost of living and ever increasing inflation it is easy to get into debt for anything from purchasing food, clothing or a car to paying school fees or paying off a bond. Often we don’t even notice how quickly the debt is adding up and soon we are paying in excess of 60% of our salary before we have even bought anything new. This can happen to all of us as shops can be very quick to offer us more and more credit. It seems like an easy way out! However, if your debt is a large portion of your monthly salary then it is important that you take steps to protect yourself from bankruptcy. This is where Debt Review comes into the picture.
What is Debt Review?
In 2007 the National Credit Act put into place a process for over indebted consumers to have their debts restructured in a way that can be managed and repaid over an extended period of time.
• Reduced stress
• Reduced repayments
• No summons and repossession
• No further negative credit ratings
• No longer charged interest and collection fees
• Increased negotiation power
• There are some set up costs involved
• Once you’re in review you cannot get out without a court order. The length of time that you are in review for depends on the amount of debt you have
• You cannot continue to use your credit cards
• You will have to live within a limited budget (pro or con, you decide)
Do I qualify for Debt Review?
1. You must be permanently employed
You cannot undergo debt review if you do not have a regular income to formulate a regular repayment plan upon.
2. You need to be in serious debt and unable to manage it
Debt review agencies won’t be able to assist you unless you have more than R20 000 debt.