Struggling with debt? Learn how to qualify for debt review in South Africa. This includes income requirements, legal status, and how to get started with a debt counsellor.
The National Debt Review Center
If you’re overwhelmed by debt and drowning in monthly payments, debt review can be a lifeline. But before you apply, it’s important to understand the qualifications. Here’s a breakdown of what you need to know:
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The Basics
Additional Points:
Next Steps:
If you meet these qualifications and are interested in debt review, the best course of action is to contact a registered and reputable debt counsellor like The National Debt Review Center. They will assess your situation, explain the process in detail, and guide you through the application.
Remember: Debt review isn’t a quick fix, but it can be a powerful tool to regain control of your finances. By understanding the qualifications and seeking professional help, you can take the first step towards a debt-free future.
Before you make the final decision to sign up for debt counselling, use this free calculator to see what your new total monthly repayment amount would be.
Age: 18 years or older.
Income: Consistent and demonstrable income to afford repayments.
Debt Location: Debts must be from South Africa.
Marital Status: Spouse’s consent needed for married couples in community of property.
Over-Indebtedness: Struggling to meet monthly debt obligations.
Legal Status: Not under sequestration or debt administration.
No Current Legal Action: No summons issued by creditors.
Individuals under 18.
People with no consistent income to make repayments.
Those whose debts originate outside of South Africa.
Married couples in community of property where the spouse disagrees.
Individuals who can comfortably afford their debts.
People already under sequestration or debt administration.
Those with active legal action (summons issued) against them for debt.
Contact a registered debt counsellor.
The counsellor will assess your financial situation.
If eligible, they’ll help you with the application process.
Age: 18 years or older.
Income: Consistent and demonstrable income to afford repayments.
Debt Location: Debts must be from South Africa.
Marital Status: Spouse’s consent needed for married couples in community of property.
Over-Indebtedness: Struggling to meet monthly debt obligations.
Legal Status: Not under sequestration or debt administration.
No Current Legal Action: No summons issued by creditors.
Yes, debt review applications can be rejected. Reasons might include not meeting the qualification criteria, incomplete applications, or unrealistic repayment proposals.
Debt review can be a good idea for those struggling with over-indebtedness. It offers a structured approach to managing debt, lowers interest rates, and reduces monthly instalments.
However, it also comes with limitations on accessing credit and requires commitment to the repayment plan. Consider seeking professional advice from a debt counsellor to determine if it’s the right solution for your situation.
Yes, you will still have a credit score while under debt review. However, the debt review listing will likely cause your score to drop.
Debt counsellor fees are regulated by the National Credit Regulator (NCR).
The exact cost depends on the debt counsellor and the complexity of your situation.
However, there are limits:
For single applications, the fees cannot exceed R8,000.
For joint applications (married couples in community of property), the maximum fee is R9,000.
The length of the debt review process varies depending on your debt amount and the agreed repayment plan. Here’s a general timeframe:
Unsecured credit (credit cards, personal loans): 12 – 60 months
Vehicle finance: 84 – 118 months
Home loan: Up to 240 months
While I can’t definitively say if you qualify, here’s a self-assessment to see if it might be helpful:
Are you over 18 years old?
Do you have a consistent income source?
Is most of your debt from South Africa?
Are you struggling to meet your monthly debt obligations?
Are you not currently under sequestration or debt administration?
Do you have no legal action (summons) against you for debt?
If you answered yes to most of these questions, then debt counselling could be a viable option.
Debt can feel overwhelming, but there are solutions available. If you’re struggling to keep up with your monthly payments, debt review in South Africa can offer a path to financial freedom. By understanding the qualifications, costs, and timeframes involved, you can make an informed decision about whether it’s the right option for you. Remember, seeking professional help from a registered debt counsellor is crucial to navigate the process and develop a sustainable debt repayment plan. With commitment and guidance, you can overcome debt and achieve a brighter financial future.
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