How to apply for Debt Review

It is estimated that approximately 1 million South African citizens are in need of debt review. As a result, it’s important to understand how to apply for this type of assistance. In order to facilitate the process and avoid further financial distress, it pays to be informed about all aspects of debt review – including how to apply for it. This article provides an overview on how best to go about applying for debt review in South Africa.

The first step when considering applying for debt review is speaking with a certified debt counsellor. A qualified professional can provide valuable advice on what you qualify for and help determine if you’re eligible. It’s crucial that the individual has sufficient experience in the field and is registered with the National Credit Regulator (NCR). Once they have assessed your situation they will advise whether or not you should proceed with applying for debt relief under the National Credit Act No 34 of 2005.

If approved by a qualified counsellor, then applicants must complete two forms: Form 17-A which includes personal information such as contact details and income; and Form 17-C which outlines their debts along with any relevant documentation from creditors which verifies the amounts owed. These documents must be submitted directly to NCR who will assess them against certain criteria before deciding whether or not to grant protection from legal action and credit blacklisting by creditors.

In addition to these documents, there may also be additional requirements depending on each applicant’s unique circumstance – such as proof of residence, bank statements etcetera – so always check with your appointed counsellor beforehand so that you know exactly what needs submitting prior to finalising your application form(s). Taking time now will save any unnecessary delays later down the line when trying to access much needed support through debt review south africa. With everything prepared correctly and efficiently, soon enough one could take advantage of lower monthly payments towards their outstanding balances while still maintaining a quality lifestyle without living under constant pressure from numerous creditors. Now we move onto looking at another element involved in accessing help via debt review…the cost of doing so.

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