Frequently Asked Questions
The debt review process was created under the National Credit Act (No 34 of 2005) and is designed to assist you when you struggling to pay your debts by restructuring your monthly financial obligations into one reduced monthly installment.
We provide you and your assets with immediate protection once we have received your application. You are registered with the National Credit Regulator and your credit providers are notified that you are protected under the debt review process.
No, while you are under debt review and continue to pay your restructured installment, creditor providers are prohibited from taking further legal action or attaching your assets.
If you are struggling to pay your financial commitments you are probably already blacklisted from obtaining future credit. The debt review process enables you to repay your finances according to the amount you can afford. Once you have repaid your credit providers in full, we issue you a clearance certificate.
Yes, part of the debt restructuring process is to renegotiate your interest rates and fees where possible. We have excellent relationships with all major credit providers and negotiate with them on your behalf to get the best deal for you.
Your unique payment plan takes into account your actual living expenses and ensures that you are able to afford to pay these every month.
You pay a single reduced monthly instalment in accordance with your budget and what you can afford. This is made via a Payment Distribution Agent (PDA) who ensures your credit providers are paid timeously according to the restructured payment plan. Only PDA’s registered with the National Credit Regulator are entitled to collect and distribute your funds so please check with your Debt Counsellor.
The period of the Debt Review varies according to how quickly you can pay off all your finances. The time frame varies from a few months up until 60 months. Alternatively if you are no longer overindebted and able to resume normal repayments we can apply for an order rescinding your debt review.
Once you apply for Debt Review we update your status with the NCR who notifies the Credit Bureaus to reflect that you are under debt review. Once you have completed the Debt Review process by paying off your debts, we issue you a clearance certificate. The Credit Bureaus then clear your credit record
No, unfortunately debt review requires a regular income to pay your credit providers under the terms of the payment plan. If you are unemployed and unable to find new employment debt review is not be the best solution for you.
No, debt review is designed to help consumers who are overindebted and prevents you taking on additional credit until you are able to meet your financial commitments. We are here to assist you in achieving financial freedom, not to compound your problems.
