Protest your assets
Did you know that your assets cannot be respossessed if you are under a debt counselling arrangement? You could retain your house, car and other belongings if you are under debt review. We can help you restructure your debt commitments into lower monthly repayments while protecting your assets.
Assessment
A debt review agent will contact you to discuss your financial commitments and assess how your debt can be restructured.
Negotiation & Plan
The agent will negotiate with your creditors for more affordable monthly repayments and present you with a payment plan.
Secure Your Assets
Your approved repayment plan will be legally processed and your assets secured from repossession.
Monthly Payments
You will ensure that the reduced monthly repayments are paid on time as you gradually settle your debt over time.
Did you know?
Over 12 million South African adults are over-indebted with 10 million being three or more payments behind on their debt commitments. Many over-indebted South Africans owe more than they earn and are financially drowing. Debt review can make a difference.
Debt review can change your finances and your life …
Being over-indebted can affect your life in many ways beyond the money you are left with at the end of every month.
Personal Implications
Money can affect your in various ways. Excessive debt can impact your relationships, contribute to divorce, impair your physical and mental health, and the associated stress could even lead to tragic outcomes. You are understandably worried about losing your home, car, furniture and other possessions due to unpaid debt. This can be mitigated with debt review.
Financial Relief
Life is expensive and you may be unable to meet your daily life commitments if your salary is consumed by debt. Barely surviving from payday to payday is stressful and impacting you in many ways that may not be immediately obvious. Debt review can bring you financial relief, protect your assets and allow you to return to a normal life.
About Debt Review
Debt review is a financial and legal process where by your debt is restructured to ensure that you can comfortably meet with your financial commitments. A registered debt counsellor is bound by financial regulations in South Africa to assist you with your debt repayments.
The debt counsellor will assess your financial commitments – from your home loan and vehicle finance to credit cards, loans and even store cards. After speaking to your creditors and negotiating the monthly repayments, a payment plan as part of the debt review arrangement will be legally finalised. This ensures that your possessions are protected as long as you continue servicing the debt at the lower monthly repayments.
The goal of debt review is to assist you in getting out of debt while maintaining your daily life obligations. You will not be able to extend any further credit or borrow more money during this debt review phase. Remember that the goal is to get out of debt and not further into debt.
Once your debt is settled and you are no longer credit impaired, you debt review arrangement is concluded.
