Question 1

Will debt review affect my credit score?

Accepted Answer

Yes, during debt review, your credit record will show that you are under debt review and you won't be able to access new credit. However, after completing the process and receiving your clearance certificate, this flag is removed. If you're already struggling with debt, your credit score may already be negatively affected by late payments or defaults.

Question 2

How much do your debt review services cost?

Accepted Answer

Our initial assessment and advice are completely free. If you proceed with debt review, fees are regulated by the National Credit Regulator (NCR) and include an application fee, restructuring fee, and monthly aftercare fees. These fees are built into your reduced monthly payment, so you won't pay anything extra out of pocket.

Question 3

How long will it take to become debt-free through debt review?

Accepted Answer

The timeframe varies depending on your financial situation. Under debt review, most clients complete the process in 3-5 years. With debt consolidation, the term is typically 3-5 years depending on the loan terms. For debt negotiation, timeframes vary based on the arrangements made with creditors.

Question 4

Can I keep my car and home under debt review?

Accepted Answer

Yes, one of the key benefits of debt review in South Africa is asset protection. The National Credit Act provides legal protection that prevents creditors from repossessing assets like your home or vehicle as long as you maintain the payments agreed upon in your debt review payment plan.

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