What Is Debt Review?
Debt review is a debt solution process targeted at South African consumers who are overly indebted and struggling to manage their debts. Tough economic times are undoubtedly leaving a mark on a great number of consumers in South Africa. Job cuts and the increasing costs of living have increasingly put many unsuspecting consumers in a position that they can no longer manage.
Aggressive lending by banks and other credits coupled with the harsh economic climate has left scores of consumers in the hole for money and unable to repay their debts. Creditors want their money and they are ready to use any available resources to go after it.
If you are in debt, you may be facing legal action. However, the good news is, it doesn’t have to be that way. Thanks to the National Credit Act (NCA), you now have a way out through what’s commonly referred to as debt review.
What’s Debt Review?
Debt review is a process where a debt counsellor assesses your outstanding debt and comes up with a structured debt repayment plan. This is usually done through a process of negotiating your interest rates with your creditors in a bid to reduce them as well as by extending the repayment period.
The debt counsellor draws up an affordable monthly budget and a repayment plan for you based on your situation. What’s more, the process enables you to only make a single debt repayment to an accredited payment distribution agency, which in turn pays your creditor. This reduces the hassle of having to keep up with the payment deadlines on top of multiple debt repayment obligations. More importantly, when you are under debt review, you are legally protected by NCA and creditors are no longer allowed to hassle you.
Why Debt Review?
The NCA introduced debt review as a formal debt rehabilitation process that would prevent South African consumers from being placed into daunting personal administration and having to deal with the unpleasant long-term effects of debt. The programme was also implemented to ensure that debt counsellors follow strict and ethical guidelines when assisting their clients gain their financial freedoms.
OneDebt creates real value to over-indebted South African consumers. They have professional and efficient debt counsellors who are not only registered by the NCA, but who are also accountable for guiding their clients step-by-step to ensure that they get the needed financial advice and a means to solve their debt issues. So, stop losing sleep over your debt problems, contact OneDebt for a comprehensive debt review today.