Why individuals apply for Debt Review

People frequently apply for debt review to assist them in paying off their debts because of the high cost of living not only in South Africa but in many other nations as well.

You borrow money from creditors to pay for goods or services when you are in debt. In some circumstances this entails taking out a credit card loan. Before you take out any loans be aware that they are legally binding obligations and that your creditors may contact consumer protection organizations if you are unable to make your payments on time. Contact your lender right away if you’re worried about being reported. Your lender might give you options like lengthening the loan term or changing your payment schedule. If your debts are too much for you to handle you might also think about filing for bankruptcy instead of paying them off.

Going through a debt review can occur for a variety of reasons some of which may have an impact on a person’s credit score. They might also want to check to see if they’re gambling illegally or spending more than they can afford. People occasionally seek assistance from debt review companies in order to effectively manage their finances and prevent financial disaster. They offer unbiased guidance on how to manage their finances effectively. Contact us right away if you feel it would be helpful to discuss how to manage your finances with someone.

WHO CAN APPLY FOR DEBT REVIEW?

SA citizens, the over-indebted, permanently employed/Self-employed and a private pensioner               

REASONS WHY CONSUMERS APPLY FOR DEBT REVIEW

Analyzing your debt is unquestionably an excellent strategy to deal with excessive debt. Consumers may be able to use the National Credit Act’s provision that enables them to apply to court for debt restructuring while still covering all of their other necessary expenses if they have more debt at the end of the month than they are able to pay.

  • As part of the debt review process your monthly payments will be lowered to help you manage them while still covering your basic costs.
  • You will only have one payment due each month as a result of the procedure and the PDA will pay creditors in accordance with the predetermined timetable.
  • You are shielded from losing your possessions and assets by debt review.
  • You won’t need to avoid your creditors’ calls anymore because your debt counselor will handle all of them.
  • Once your debt is paid off you receive a fresh start and a certificate of clearance.

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