What is Debt Review
We live in a fast-paced world where prices don’t stay the same for long, while salaries barely change. Debt Review offers consumers who are struggling with debt an opportunity for rehabilitation and the restoration of their finances. You may find that you are suddenly unable to manage your debt obligations or could be at the end of your rope after months of trying to balance rising costs and fluctuating interest rates – either way, it is important to be aware that there are solutions available to make your life easier.
At Debtco Group, our team of qualified Debt Counsellors have worked with thousands of struggling individuals to provide an effective Debt Review service. Debt Review is a process that is overseen by the National Credit Regulator (NCR) of South Africa, which essentially restructures your debt and helps you to repay what you owe, according to what you can afford. To begin with, we will need to determine that you qualify for Debt Review and are in fact over-indebted. Our team will do an affordability assessment of your finances, and if your income does not correlate with what you owe, or your living expenses cannot be met while your debts are being paid, you will more than likely be declared over-indebted.
Once we move forward with Debt Review, you can relax knowing you’re in professional hands, well on your way to repaying your debt through a consolidated monthly payment that we arrange on your behalf – this is not the same as a consolidation loan. A dedicated Debt Counsellor will determine what you can reasonably afford, before negotiating lower monthly instalments and interest rates with your creditors, allowing us to restructure your debts into one all-inclusive new payment. This reduced monthly payment, as well as the protection that Debt Review offers consumers who may face legal actions due to their debts, ensures over-indebted individuals much needed relief. We will work closely with you to help you live according to a budget, as you repay your debts and regain control of your money.
The goal of Debt Review is to help you get out of debt, without compromising your quality of life in the process. Being over-indebted can have a huge impact on your well being, effecting everything from your personal life to your work life and health. While Debt Review is not a ticket to getting out of debt without responsibility, it does give you the chance to honor your financial obligations by managing your monthly expenses more easily. Once you’ve successfully completed the process and everything owed has been repaid, you will be issued a Debt Clearance certificate, and your credit score will begin to improve.
Our comprehensive Debt Review service also includes an investigation of your credit agreements, so that we can identify cases of Reckless Lending if they are present. It is important that you enlist a reputable Debt Review service which puts your needs first – no two people face the same financial hardships, and as such our approach to Debt Review is personalized and result driven.