As we said goodbye to 2023 and all of its spending, you may be wondering if debt review is a good option. How you go into the new year depends entirely on your mindset and your motivation.
Join us as we take a look at debt review and what it can do for you in 2024. Keep reading to find out more.
What is Debt Review?
Debt review is a legal process that you can step into if you are struggling to juggle debt repayments. With this process, NCR-registered debt counsellors provide renegotiated and reduced total debt repayments.
With this process, you protection against asset repossession, any possible creditor harassment and legal action is possible.
Read: How Debt Review Works
The Advantages of Debt Review
There are various benefits of undergoing debt review, but here are a couple of the most important ones.
Fixed Monthly Payments
With debt review, instead of various payments to juggle, you only have one fixed payment to make. This enables you to keep up with payments and ensure you don’t take in any more late fees. The debt counsellor simplifies the process and gets you one fixed lower repayment per month towards your debt.
While you’re under debt review, the reduction of monthly payments towards your debt is possible. The main focus of debt counselling is to help you pay off your debt while still having enough funds to cover your monthly expenses.
Your debt counsellor will negotiate and reduce your monthly debt repayment by extending your repayment period. This enables you to afford to pay your debt and cover your living expenses.
Protection Against Creditors
While you are under debt review, you have legal protection from any possible harassment or action taken against you by any creditors. The National Credit Act legally protects you and your assets from creditors in such a scenario. During the process, your debt counsellor will take over control and communicate with all creditors on your behalf.
No Extra Debts
It’s easy to continue the snowball effect once you first start going into debt. Once you’re under debt review, your flagged credit profile ensures all credit bureaus are aware of the actions you’re taking to repay your debt. This means that in this time period, you will not be able to take out any further debts.
It’s a great method of steering clear from raking up more debt and focusing on getting debt-free. Once you’re debt-free, you will receive a certificate, and the flag will be removed from your account.
Once you complete the debt review process, you will become debt-free. With the debt review process, you have the guarantee of becoming debt-free if you commit to the stipulated plan. If you wish to get debt-free once and for all, then the debt review process may help minimise monthly repayments and create a manageable repayment plan. Allowing you to regain your financial freedom and get valuable debt counselling.
Sign Up For Debt Review
Debtline is a dedicated South African debt management company that assists South Africans with getting debt-free. If you’re ready to get clear of debt and regain control of your finances, then our team of professionals can assist. You can request a free call back on our website from our expert team of NCR-registered debt counsellors. We have professional debt counsellors who provide advice on debt queries, negotiate debt repayments on your behalf, and create debt relief programs suitable to your personal needs.