What Is Debt Review

What is Debt Review?

Debt Review or Debt Counselling is a process of handing over your debt negotiations to a Debt Counsellor, a person who becomes your go-to person, who will compile your debts, look at your income, and with you, work out a payment plan on your installments & interest options with creditors; and then your go-to Debt Counsellor negotiates on your behalf with all your creditors. Debt Review makes your debt affordable while protecting you from asset repossession, legal action, and creditor harassment.

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Pros and Cons of Debt Review

Pros of Debt Review

  • Protection against legal action
  • Structured payment plan with a confirmed end date
  • Assets are protection
  • Reduced interest rates
  • Reduced credit life insurance premiums
  • Affordable reduced monthly instalments

Cons of Debt Review

  • Any default in payment can result in legal action
  • Cannot incur further credit until unsecured debt is settled
  • Can only withdraw from process once unsecured debt is settled

Benefits of Debt Review:

  1. One reduced affordable monthly installment for all your debt
    1. Reduced installments with all creditors
    2. Reduced interest rates with all creditors (where negotiated)
  2. We deal with your creditors directly, so you don’t have to
    1. Creditors may no longer harass you for payment
  3. There is a structured repayment plan with an exit date as a goal
  4. You will have enough money to pay your living expenses
  5. Your assets will be protected against legal action
  6. You end the process debt free and eligible for credit again
  7. There are reduced credit life insurance premiums

Debt Review is over-indebted consumers’ last and most effective solution to their debt dilemmas. Before the Credit Act was amended in 2007, consumers were left to fend for themselves against their creditors. Fortunately, the new legislation initiated debt review which protects the consumers from their creditors.

With Debt Review, consumers repay their debt with reduced installments and reduced interest rates in terms of a structured repayment plan.

One of the advantages thereof is that the debt counselor and the Court act as mediators between the consumer and their creditors.

 

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