Your First 3 Months in Debt Review: A Guide

Have your debts been casting a shadow over your life? Breaking the cycle of credit reliance and financial stress can seem impossible. Need help with debt? You’re right where you should be. Debt review offers relief to over-indebted South Africans who seek it. The process works according to your budget, debts, income, and living expenses. If you are unsure about what to expect, especially at the beginning, here we outline your first 3 months in debt review: a guide to get started.

What is Debt Review?

Regulated by the National Credit Act (NCA), the debt review process helps over-indebted consumers work through their debts affordably, through a restructured payment plan. The rise of debt counselling in South Africa proves that it is an effective process for overcoming setbacks with debt. One of our qualified counsellors with start by assessing your debts and your affordability. We then negotiate reduced payments and interest rates with your creditors on your behalf.

The benefits of debt review include more breathing room in your budget, protection from creditors, and the opportunity to reclaim financial control. This process has the potential to change your life, and you have the power to make it happen. Look out for the key signs that you need Debt Review.

Debt Review: The First 3 Months

Right at the start of the process, you will receive your new monthly debt repayment plan from our Debtco Group team. This means you can immediately benefit from financial relief, thanks to lower monthly payments that work for you. Between months 1 and 3, your debt review fees are covered in these new monthly repayments. These include debt counsellor fees, legal fees, and Payment Distribution Agency (PDA) fees. This ensures all costs associated with debt review are settled early on, so that the rest of your payments are strictly towards your debts.

Once you have completed the first three months of debt review, things really start falling into place. You will begin to see progress and decreasing PDA balances as you repay your debts consistently. Our team of expert debt counsellors are registered with the National Credit Regulator (NCR), and we’re always a call or email away to address any questions you might have. Your first 6 months under debt review are very important as they lay the groundwork for a successful outcome.

Your Debt Review Journey

Life under debt review in South Africa does not look much different from the norm. Instead of accumulating more debt, you are focused on repaying what you owe. Reaching your financial goals is incredibly rewarding, and you can look forward to repairing your credit down the line. Eliminate your debt worries and stop spending your hard-earned money on high-interest debt repayments that are hard to maintain. Let Debtco Group help you get out of debt, and enjoy life the way it should be!