❔What is Debt Review
Debt Review is a legal process designed to assist South Africans who are over-indebted. It involves a registered debt counsellor assessing your financial situation and negotiating with your creditors to establish a manageable repayment plan. This process is governed by the National Credit Act and aims to help you regain financial stability without resorting to sequestration or administration.
❔How Do I Know If I’m Over-Indebted?
You may be over-indebted if your monthly debt repayments exceed your income or if you’re struggling to cover essential living expenses after paying your debts. Our debt counsellors can conduct a free assessment to determine your financial standing and advise on the best course of action.
❔Will I Be Blacklisted If I Enter Debt Review?
No, entering Debt Review does not equate to being blacklisted. While under Debt Review, your credit profile will reflect this status, preventing you from taking on new credit. However, this is a protective measure to help you focus on repaying existing debts. Once you’ve completed the process, your credit status can be restored.
❔ Can I Apply for Debt Review If I’m Unemployed?
To qualify for Debt Review, you need to have a consistent source of income, which doesn’t necessarily have to come from formal employment. Income from rental properties, pensions, or other reliable sources may be considered. Our counsellors can assess your situation to determine eligibility.
❔How Long Does the Debt Review Process Take?
The duration of the Debt Review process varies depending on the amount of debt and your repayment capacity. Typically, it can take between 36 to 60 months. Our goal is to help you become debt-free as efficiently as possible while ensuring the repayment plan is sustainable for you.
❔What Happens After I Complete Debt Review?
Upon successful completion of your Debt Review repayment plan, you’ll receive a clearance certificate. This certificate is sent to all credit bureaus, and your credit profile will be updated to reflect that you’re no longer under Debt Review, allowing you to access credit again responsibly.
❔How Do I Apply for Debt Review with Debtelligence?
Applying is straightforward. You can contact us directly via phone or email, or fill out our online application form. We’ll conduct a free, confidential assessment of your financial situation and guide you through the next steps.