Debt Review Meaning | Call 0410125036 for the Best Advice
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In this article, we share the debt review meaning.

The National Debt Review Center

What it means to be under debt review is a question we receive frequently from consumers and potential clients. We always try to let South Africans know that the primary goal of a debt review is to make sure you have enough money to pay your debts off and cover your essential living costs without experiencing financial hardship.

The the debt review meaning or purpose of debt counselling is to provide you with financial relief by offering lower monthly installments and interest rates so that you can be able to afford your essential living expenses.

Debt Review Meaning

Debt Review Meaning

What is the meaning of debt review?

  1. You are or will be paying less on your monthly debt repayments, as a result, you will have more money available for your essential living expenses like food, electricity, and transport.
  2. Your debt could be entirely written off. (If you are a victim of Reckless-lending).
  3. You will experience immediate relief because someone else is handling the process, and your sleepless nights will become a thing of the past.
  4. You will have a clear record after the procedure is over, which will provide you with more financial relief.
  5. You will no longer receive calls from credit providers, debt collectors, and lawyers demanding payment.
  6. Your assets are protected while under debt review. No creditor can take legal action against you because the debt review court order stops any repossession activity from credit providers, lawyers, or debt collectors.
  7. You pay one reasonable & manageable monthly payment that covers all of your accounts.
  8. If you finish the debt review process, you will definitely be debt-free.
  9. Some of your accounts, especially those which have been subjected to legal action, may be excluded. (i.e summons issued or judgments).
  10. You will not be allowed to take out credit during the debt review process or use your current credit facilities (for example, store cards or credit cards).
  11. Once a debt review court order has been obtained a consumer cannot terminate or withdraw from debt counselling. (Read About Debt Review Removal Here)
  12. If you are married in community of property, both partners have to apply.

How can I determine whether I need debt review?

Debt review can be the solution if you’ve been finding it difficult to keep up with your financial commitments and debt obligations. Before making a final choice, you can calculate your new monthly repayment using this debt review calculator.

When your debts are being reviewed under debt counselling, can I get a vehicle finance?

No, your debt counsellor will update or notify The National Credit Regulator and all credit bureaus that you are undergoing a debt review as soon as you consent to one. Until all of your debts (except from your bond or home loan) are settled, you won’t be permitted to take on any additional debt.

This means that you are not permitted to open a store account, obtain a personal loan, finance a car, or increase the available credit on your credit card or overdraft.

Video Explaining The Meaning Of Debt Review

The below video explains the meaning of debt review, the process followed, and everything you need to know about debt review.

Can you be employed while under debt review?

While your debt is being reviewed under debt counselling, you can keep your current employment or find a new one. However, you should notify a potential employer about this right away.

Most employers will run a credit check as part of the hiring process, especially if you plan to work in the financial services sector.

Can you still rent an apartment or a house while you are under debt review?

Yes. Prior to extending a lease, your potential landlord or letting agent may very possibly perform a credit check on you, but your debt counselor can present them with documentation of your budget, a summary of your affordability assessment, and rent allowance.

The majority of agents will agree to lease you a property even if you are under debt review.

When undergoing debt counseling, is it possible to upgrade your cell phone contract?

Yes, you can if your cell phone contract was previously taken into account or included on the program when you reviewed your indebtedness. Simply make sure that the monthly payment required after upgrading does not surpass the monthly payment set aside in your budget for your cellular contract.

Can you Work abroad while undergoing Debt Counseling?

You can apply for and accept a job abroad if you can continue making your debt repayments. Any significant changes in your life, such relocating to a different nation, would require you to notify your debt counselor. You would also need to make sure that you keep up with your debt repayment obligations.

How do I Apply For Debt Counselling?

Contact The National Debt Review Center from 8:00am to 16:30pm on weekdays on 0410125036 or complete the below free online application for debt counselling form.

Free Online Application Form for Debt Counselling

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In this article, we share the debt review meaning.

The National Debt Review Center

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