How long does Debt Review last?

Navigating the winding road of debt can be a daunting and sometimes overwhelming experience. But, with the right guidance and help from professionals, it is possible to find your way out of financial hardship. One such solution available in South Africa is that of Debt Review – but how long does this process last?

Debt review is a series of steps undertaken by consumers who are struggling to repay their debts. It involves an assessment of one’s financial situation which is then used as the basis for developing a payment plan that enables them to become debt-free over time. This process requires professional assistance from qualified Debt Counsellors who will assess the consumer’s current income and expenditure before suggesting suitable options for managing their payments and reaching financial freedom.

The duration of debt review depends on various factors, including the amount owed, any legal action taken against the debtor, or if there has been non-compliance with court orders. Generally speaking however, it can take anywhere between six months up to three years for a complete debt review process to be completed successfully. During this period, all creditors must agree to accept reduced repayment amounts while interest rates are frozen at existing levels – ensuring no further costs are incurred during this time frame.

A key part of successful debt review lies in effectively communicating with creditors throughout the journey — something only experienced Debt Counsellors have expertise in doing so reliably and consistently. They also play an important role in helping clients stay organised and focused on achieving their desired outcome within set timelines without taking unnecessary risks along the way. Ultimately, having expert advice allows them to make well informed decisions when tackling complex problems related to debt relief solutions like Debt Review.

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