What Is The Maximum Amount Of Debt I Can Have And Still Apply For Debt Review?

Debt review is a common debt relief option in South Africa. It can help those who are overwhelmed by debt to manage their finances better and become financially stable again. One of the key questions people have when considering debt review is how much they need to owe before applying.

The answer depends on the financial institution evaluating your application for debt review, but there is no maximum limit of debt that one must reach before qualifying. All applications will be assessed based on an individual’s unique situation and debts, so it could be possible to qualify with any amount of outstanding credit.

Having said that most lenders require applicants to have at least R50 000 worth of unsecured debts or more in order for them to consider granting a debt review agreement. That said, this threshold may vary from lender to lender and depend on the size of the loan taken out as well as other factors such as income level or employment status.

It’s also important to note that even if you don’t meet the minimum requirement for being accepted into a debt review program, there might still be other options available depending on your circumstances. For instance, some banks offer special repayment arrangements tailored specifically for each customer which may enable them to reduce monthly payments without having to enter into full-scale debt counselling.

TIP: When looking into different options for managing your debts, make sure you understand all the implications associated with each option – from fees and charges to interest rates -so you can choose what works best for your specific needs!

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