How Long Does The Debt Review Process Take?

The debt review process in South Africa is an important step for those struggling with financial issues. But how long does it take to complete the process? Depending on a person’s individual situation, the debt review timeline can vary significantly.

To begin, one must apply for debt counseling through an accredited credit counselor or consumer protection organization. This application will include any and all current debts that need to be addressed by the debt counsellor. Once accepted, each creditor will have to be contacted and informed of the debt review status. This often takes time as creditors need to sign off on new payment plans before they can move forward.

In addition, clients may also have to show proof of income during this period so their counselors can better assess what kind of repayment plan could work best for them. After gathering all necessary information, both parties (client and credit counselor) will agree upon a structured installment plan that both sides are comfortable with. The total amount of payments required will then be divided over a certain number of months depending on the client’s ability to pay back their debts in full within a reasonable timeframe.

Once everything has been finalized between the two parties, creditors must approve the new agreement before it becomes legally binding — which usually takes another few weeks to finalize. All together, from start to finish, it could take anywhere from four weeks up to three months for the entire process to play out depending on everyone involved being able to meet deadlines and requirements quickly and efficiently.

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