Debt review
Debt review is a legal process, and in this step a court order makes the new payment plan binding. This protects you from potential increases in monthly instalments and commits you to meeting the new repayment plan. You’ll start making payments according to your new repayment plan from your next payday.
How to know if you need debt review
#########💡 How to Know You Need Debt Review 💡#########
1. You’re struggling to pay your monthly accounts
* You often skip or delay payments because there’s not enough money left after essentials.
2. Creditors are calling or threatening legal action
* You’re getting calls, SMSes, or letters demanding payment or warning of a summons.
3. You’re using loans or credit cards to cover basic expenses
* You borrow to buy groceries, pay rent, or cover transport costs.
4. Your accounts are behind or in arrears
* You owe missed payments on your credit cards, loans, or store accounts.
5. Your income isn’t enough to cover all your debts
* Even after cutting back on spending, your total debt payments are more than you can afford.
6. Your credit score is dropping
* You’re getting declined for new credit or seeing negative listings on your credit report.
7. You feel stressed or overwhelmed about money
* Constant financial pressure affects your focus, sleep, and peace of mind.
Your Questions Answered
Frequently Asked Questions
How do I know I need Debt Review?
If after your living expenses from your net salary, you have less money left over than that of your installments on your debt then you may apply for Debt Review.
How do you determine my new monthly installment?
We consider your monthly income as well as your living expenses. A recommendation is then made on the amount you can reasonably afford each month.
Which debts are covered under Debt Review?
We can include; Home Loans, Vehicle Finance, Credit Cards, Store accounts, Personal loans, Overdrafts and Micro-loans.
We do not cover Doctors fees, Insurance Premiums, School fees etc.
When is my first payment due?
You may choose any date which is suitable for you within 30 days of enrolment in the process.
Can I apply for Debt Review whilst I am unemployed?
No. You need a monthly income in order for us to propose a reduced debt repayment plan to your Credit Providers.
Will I still be able to rent a property whilst under Debt Review?
The debt review process as such is not classified as a credit agreement and you will therefore able to rent a property. In fact, we will make provision for your rent expenditure in your debt restructuring budget and can provide the agent or lessor with a letter that confirms that you are in a position to pay your monthly rental.
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