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.
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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 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.
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.
The below video explains the meaning of debt review, the process followed, and everything you need to know about 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.
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.
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.
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.
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.
In terms of section 86(1) of the National Credit Act No. 34 of 2005
In this article, we share the debt review meaning.
The National Debt Review Center
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