The benefits of Debt Review
- One Affordable repayment plan
- No more multiple debit order
- Lower interest rate negotiated by debt counselor
- All installments reduce up to 50%
- Legal and asset protections
- No more harassment from creditors
- Suitable house hold budget
- Clear credit record after completing debt review
Objectives of the National Credit Act
- Provide all SA with access to credit
- Protect consumers from reckless credit providers
- Prevent creditors from taking reckless credit decisions
- Assist consumers who is over-indebted
Duties of the debt client
- While under debt review the client may not apply for new credit agreement
- The client must comply with the instructions provided by the debt counselor
- Should the client act outside of the instructions his debt review may be terminated
- when a debt review is terminated and all protection provided by the act will be fall away
