What is a Debt Review?
A Debt Review is a process initiated by a Debt Counsellor to determine if a consumer is over-indebted, as defined in the National Credit Act. The debt review process is overseen by the National Credit Regulator (NCR), a statutory body set up in terms of the National Credit Act (NCA). The NCR is responsible for regulating the credit industry in South Africa, the registration of credit providers and debt counsellors, and the investigation of disputes and complaints.
How Does a Debt Review Work?
Basically, the Debt Counsellor gathers all of the information the financially stressed consumer can provide and then informs all of the person’s creditors that they are under Debt Review. Creditors are also asked to provide an up to date balance of the owing amount, including all charges and fees.
Based on this information, the Debt Counsellor will determine, using the guidelines of the NCR, whether the person is indeed over-indebted – as defined under South African law. Both the applicant and the creditors are informed of the outcome of the debt review so the process can move forward.
Get Help with your Debt Review
If you are struggling to keep up with payments on your credit agreements after paying for your living expenses you may qualify as being over indebted in terms of the NCR’s definition. A Debt Review is the right way to determine if this is the case. A good, NCR-registered Debt Counsellor that is familiar with South African credit law and practice is the right person to assist you with this process.
Contact Us Now to be put in touch with one of our NCR-registered and properly qualified Debt Counsellors.
CALL US TODAY 083 900 7344
WHATSAPP US 082 584 9872
Back To Top