Debt Review Frequently Asked Questions

To qualify for Debt Review you need to have an income and you must be over-indebted or soon to be over-indebted.  Should you be unsure of your status you are welcome to visit our office for an obligation free consultation.

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Debt Counsellors were formally introduced by the National Credit Act to help consumers who are having trouble with their debts. Debt Review Centre’s consultants will advise and recommend the best course of action of  how to get out of debt. Debt Review Centre will negotiate with your credit providers on your behalf and design a manageable debt repayment plan that you can afford, so that you can take control of your finances and your future.

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After submitting your application form, the Debt Counsellors will send the notifications to all your creditors informing them that you have applied for Debt Review.  You are immediately protected from your creditors taking legal action or harassing you for payment arrangements.

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The fee structure for all registered Debt Counsellors are:

1. The re-structuring fee commonly referred to, as the Debt Counsellor negotiation fee is a once-off payment, paid in month 1, equal to the first instalment that you make as per your re-structured payment plan. Maximum fee of R8,000 (single application) or R9,000 (dual application), whichever the lesser.

2. After-care Fee (Commence in the second month of instalments)All payments throughout the debt review process are being monitored, the fee for this is:
5% of the monthly instalment of the debt repayment plan for the remaining period of the debt rearrangement plan.

3. Rejection FeeShould the application be rejected a fee of R300 will be charged.

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No all documents can be faxed or e-mailed, but all applications will be assessed by a registered Debt Counsellors.

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The actual debt review application must be completed within 60 (sixty) business days from date of application. The time period actually depends on the balance of outstanding debt and what you can afford to repay on these debts.

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  • You will be listed on the credit bureaus and therefore, you may not apply for new credit or continue using existing credit facilities for example a clothing account.
  •  No legal action may be taken against you whilst in the debt review program.

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Yes, the summonsed account may not be included in your debt review as there is already legal action instituted on the said account. We will however negotiate a repayment installment with the relevant creditor, on your behalf.

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The application is presented to the Magistrate of the local Magistrates Court to grant an Order on the application.

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Yes. After the application form is signed – all credit bureaus will be informed that you are in the debt review program. Once all the debt has been settled, we will issue a clearance certificate and your name will be removed from the NCR listing.

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No, you must stop using all credit facilities immediately.  You may also not apply for any new credit agreements while in the Debt Review program.

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We will include home loans, vehicle finance, credit cards, overdrafts, store cards, personal loans and micro-loans.  We will then look at your monthly income and expenses and make a recommendation on the amount you can afford to pay each month.

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