Benefits of Debt Review for You

If you are struggling with a huge amount of debt, and are unable to meet your monthly debt
repayments, it is likely that you are over-indebted.

You may have heard of debt review or debt counselling, but aren’t really certain if this is for
you. You may feel a little biased towards the idea, believing it is for ‘other’ people. This is
untrue. Debt review was created to assist over-indebted consumers take control of their
debt. It was introduced by the NCA (National Credit Act) in 2005 for this reason.
There are a number of excellent benefits to choosing to undergo debt review:

  • The first is taking the first step in controlling your overwhelming debt. Schedule a
    consultation with a registered debt counsellor.
  • It is also a relatively easy process – and your debt counsellor will assist you
    throughout. The debt counsellor compiles your debts, takes a look at your income,
    helps you work out a payment plan on your instalments with your creditors, and
    negotiates on your behalf with your creditors.
  • You’ll be registered with the NCR as being under debt review. This means that you
    and your assets are protected from anyone you owe money to.
  • You’ll have one affordable monthly instalment instead of the many that you couldn’t
    manage. This instalment is paid over to a PDA who then pays your creditors on your
    behalf. You’ll also have enough money to pay your living expenses.
  • Your assets are protected from legal action while you are under debt review.
  • Debt review also teaches you financial responsibility. Planning a careful budget to
    allow you the monies to afford the necessities but still be able to pay the instalment
    is an important lesson you’ll learn through debt review.

All in all, if you are drowning in debt and are looking for a lifeline to help you to repay the
debt in a responsible yet affordable manner, debt review is certainly an option you ought to

For more details about how debt review can benefit you, speak to One Debt today.