The National Credit Act (NCA) introduced debt rehabilitation program, debt review, in order to prevent South Africans from being placed into personal administration and having to deal with the long-term effects. The debt review process was also implemented to make sure that debt counsellors follow strict and ethical guidelines when assisting clients with reaching financial their financial well-being.
What is debt review? Debt review also know as debt counselling, is a debt solution targeted at over-indebted South Africans who are struggling to manage their finances. The debt review process is whereby you apply for debt review and a debt counsellor phones you back and assesses your outstanding debt and implements a restructured debt repayment plan. The debt counsellor helps you by renegotiating interest rates with your credit providers in order to reduce them, as well as by extending the debt repayment terms. A new more affordable monthly budget and payment plan will be drawn up for you by your debt counsellor, which will provide you with the correct guidelines and means to live off.
Also, the debt review process entails that you make only one monthly debt repayment to a payment distribution agency, which will then pay all your providers. This reduces the stress of having to keep up to date and on top of multiple debt repayments. Most importantly, when under debt review, you are legally protected by the National Credit Act and creditors are no longer allowed to hassle you.
The first thing you need to realise is that anyone can fall into the trap of accumulating secured and unsecured debt. Having debt is nothing to feel ashamed of, as with the help of Likemoney, we can get experts to call you and provide solid advice on how to manage debt, as well as a positive attitude, you will be on your way to a debt-free life in no time. Click Here to apply now.
