Debt review has become increasingly popular in South Africa as a way to help citizens manage their debt. It is estimated that over 800,000 South Africans have made use of the process since its inception and with good reason; it provides immense benefits for those struggling under financial strain. To illustrate this point, consider the story of ‘John’. John had been working multiple jobs trying to pay off his debts but still felt buried by them until he qualified for debt review which allowed him to take control of his finances and gain peace of mind from creditors breathing down his neck. This example serves as an important reminder of the advantages offered by debt review for South Africans who are facing money troubles.
The most obvious benefit provided by debt review is the reduction in monthly payments via consolidation into one lower payment. Furthermore, once registered on the system, creditors cannot call or demand payment from individuals as all communication must go through the designated debt counselor employed by a registered Debt Counselling firm. Even if legal action has already begun prior to application, any pending court cases will be suspended while the individual is reviewing their situation within the confines of debt counselling rules and regulations.
Another advantage of debt review can be seen in terms of time management. The entire process typically takes between 12-30 months depending on how complex each case may be; however even after completion there are other options available such as rehabilitation where certain credit bureaus can remove negative information regarding repayment histories associated with parties involved. Finally, when compared against other forms of assistance such as insolvency and sequestration, debt review offers more flexibility and leniency overall making it preferable among many South African citizens struggling financially due to high levels of unemployment and rising living costs.
In summary then, although there are some requirements that need to be met before being accepted onto a programme like this – it remains true that debt review provides many tangible benefits for South Africans looking for ways out from underneath their pile up of debts and creditors haunting them daily.
