5 Debt Review Benefits that You Should Capitalise On

Debt is an inevitable part of life, especially when it comes to achieving milestones like starting a business, entering the middle class, or becoming a homeowner. Even with the best intentions and actions, unforeseen circumstances or mistakes can lead to overwhelming and unmanageable debt. In such situations, debt review is often the solution.

However, with so much stigma around the word “debt”, many people often shun important topics related to debt, such as debt review. This is sad because debt reviews could’ve save more people’s financial lives, if only they took action in time. In attempt to reduce this sigma, we at Debtco Group have decided to share with you these 5 main debt review benefits that you should be capitalising on.

1. Consolidated Payment

Juggling multiple debts and keeping track of various loans and credit cards from different lenders can be difficult. There is always the risk of missing a payment by accident and and even one missed payment can have severe repercussions.

Fortunately, one of the main debt review benefits is that it allows you to make a single payment to your debt counsellor. This makes your loans easier to track and minimises the need for paperwork. Lastly, having one consolidated debt amount makes planning for future payments easier to do.

2. Lower Monthly Payments

In most cases, you may face repossession when you are unable to pay your debts while also covering your living expenses. Fortunately, one of the primary debt review benefits is that it leads to a feasible payment plan for your debts. In fact, debt review helps to lower your payments to an amount that does not interfere with your living expenses.

In some cases, debt review can result in your loan repayment amount being reduced by more than 50%. Besides the obvious reduction in fees, these reduced payments also play a big role on your short term and long term financial status. Lastly, you are guaranteed to have more spending money.

3. A Path Towards Being Debt-Free

When undergo a debt review, you will be provided with a customised debt repayment plan that takes into account your income and debt levels. This plan is designed to streamline the entire process and make monthly payments more manageable.

Although it demands commitment and perseverance, you are assured of achieving a debt-free future once you have put in the effort. This is one of the most sought-after debt review benefits!

4. Protection From Credit Bureaus and Creditors

Creditors have several methods at their disposal to take action against you, like blocking your credit facility, demanding the return of goods, obtaining a court-issued warrant to seize goods, and subjecting you to harassment through phone calls and written notices.

However, once you enter into debt review, your debt counsellor will handle all communication with your creditors. Best of all, lenders and credit bureaus are not permitted to bypass your counsellor and contact you directly. Moreover, you and your assets are protected by the NCA. This is one of the most crucial debt review benefits and has helped many South Africans find peace during this particularly difficult time.

5. Debt Review Status is Not Permanent

Among the best debt review benefits is the fact that the status of this process is not permanent! In contrast to other options or administrative procedures, there is no lasting record of your participation in the debt review process. Once you have been declared free of debt, your debt review status will be entirely removed.

Therefore, you need not worry that your debt review status will be permanently recorded on your credit record and adversely affect your credit score. In fact, once your debt is fully repaid, your debt counsellor will provide you with a clearance certificate.

Capitalise on Debt Review Benefits Today

All in all, recognising the value of debt review and its associated benefits is a pivotal step toward achieving financial stability and peace of mind. Embracing this process offers the opportunity to simplify debt management, reduce financial strain, and pave the way to a debt-free future. So be sure to contact us today to find out how you to can start capitalising on these debt review benefits!