Debt Review

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Become Debt-Free in 60 months with a Debt Management Plan

Access debt review and debt counselling from experts that know exactly how to negotiate with your creditors to reduce your monthly repayments and increase your monthly cash flow.

Get the help you need today and experience instant debt relief!

Frequently Asked Questions

What is Debt review? How does Debt review work? Advantages of Debt review Do I qualify for Debt review?

Restoring financial stability: How debt review in South Africa can help

Debt review is a formal process that aims to help consumers who are struggling with debt to restructure their payments and become debt-free. This legal process is regulated by the National Credit Act, which ensures that you’re treated fairly and that your rights are protected.

When you apply for debt review, a counsellor assesses your financial situation. They’ll negotiate with your creditors on your behalf to lower your monthly payments. This can result in a more affordable and manageable payment plan, and you can finally get on the road to financial recovery.

What is debt review?

Debt review is a formal legal process designed to assist South African consumers who are struggling with debt. A debt counsellor assesses your financial situation and negotiates your debt. Once the process of restructuring your debts is complete, you’ll have a new, more affordable payment plan.

This can provide much-needed relief if you’re struggling to make ends meet.

The pros and cons of debt counselling: What you need to know

Advantages of debt review

It can help lower your monthly debt payments to a more manageable amount, making it easier to keep up with your debt obligations.
When you enter into debt review, your creditors are legally prohibited from taking legal action against you, provided that you make the payments agreed upon in your plan.
The debt counsellors will negotiate with your creditors to reduce the interest rates on your debt, which will lower your interest rate and reduce your monthly payment and save you money in the long run.
All of your existing debts will be combined into one reduced, lower and affordable monthly payment, making it easier to manage.
Debt counsellors are professionals who can provide you with the guidance and support you need to get back on track financially.

Disadvantages of debt review

While it can lower your monthly payments, it can also extend the amount of time it takes to pay off your debts, resulting in more interest paid over time.
It can have a negative impact on your credit score, making it harder to obtain credit in the future.
While under debt review, you’re not allowed to take on new credit until the process is complete, which can limit your financial options.
If you’re unable to keep up with your debt review payments, your creditors may be able to repossess your assets as collateral.
Debt counselling fees can be costly, and the fees are added to your debt review plan, increasing the amount of debt you owe.

Do you qualify for debt counselling?

To apply for debt review in South Africa, you must meet certain eligibility criteria and provide the required documentation. In this section, we'll explore these criteria in detail before discussing the straightforward process that you’ll follow while under debt review.

Which of my debts will be included?

Debts that can be included in debt review encompass a wide range of financial obligations, such as credit card debt, personal loans, store accounts, vehicle finance, home loans, overdrafts, student loans, medical bills, tax debts, and even garnishee orders.

To be eligible for debt review, you must:

Be a South African citizen or permanent resident
Be over-indebted and unable to meet your monthly debt obligations
Have a consistent income that can cover your basic living expenses and debt review payment plan
Have credit agreements regulated by the National Credit Act
Not have applied for debt review within the past year or have legal action taken against you by creditors

Documents to have on hand if you want to apply

Your South African ID book or Smart ID card
Your latest payslip and proof of income (if self-employed)
A list of all your monthly expenses, including rent, utilities, and groceries
Proof of your monthly debt repayments, including credit cards, loans, and store accounts
Bank statements for the last three to six months
Any legal documents related to your debt, such as summonses or judgements

Getting it right: How to choose a debt counselling agency

Choosing a debt counselling agency is an important step in the process. It’s recommended to choose a reputable and reliable debt counsellor. This will help ensure that the debt review process will be handled correctly and professionally. It's essential that you do your own research and compare different options. Look for reviews and testimonials from previous clients, and ensure that the agency is registered with the National Credit Regulator (NCR).

How long does the debt review process last for?

The debt review process can take between 3 to 5 years to complete – usually debt-free in 60 months. It's important to take the time to carefully examine your financial situation and explore all available options before going under debt review – it is a very serious financial commitment.

It's also worth noting that while it can help relieve financial stress, it will also have an impact on your credit score and ability to access loan products in the future. Before applying, speak to a qualified debt counsellor who can provide you with tailored financial advice and guidance.

What happens to my credit report while under debt review?

Your credit report will show that you're under debt review.

You'll be seen as a red flag/ higher-risk borrower, and your credit score will be most obviously negatively affected. While you're under debt review, you won't be able to apply for any new loans or take on any new credit.

However, once you've completed the process, you'll receive a clearance certificate that all your debts have been paid off, your credit score will slowly improve over time.

What to expect from debt counselling?

A reliable debt counsellor will assess your financial situation in detail and determine if you're eligible.
Once you're under debt review, your creditors will be specifically informed of your application – they will then not be allowed to taking any legal action during this process.
The debt counsellors will assess your unique financial situation, including your income, expenses, and debt obligations, to determine an affordable payment plan for you.
Your debt counsellor will enter negotiations with your creditors in order to lower your monthly repayments and interest rates on your behalf.
If your creditors do not accept the proposed payment plan, your debt counsellor can make an application to the court for a debt review order.
Once an agreement is reached between your debt counsellor and creditors, you’ll enter into a new payment plan that consolidates all your debts into a single manageable monthly payment.
You’ll be required to make your debt review payment on time every month, with your debt counsellor distributing the payment to your creditors on your behalf.

It’s best to review multiple agencies and debt counsellors to find the one that you feel confident will serve your best interests.

List of direct lenders offering Debt review

DebtBusters
- Debt-free in 60 months
- Formal debt solutions
- Qualified experts
Debt Rescue
- Debt rescue plan
- Simple debt counselling
- Private and confidential
DebtSafe
- Financial recovery plan
- Restore your credit score
- Get a free quote
Debt Sage
- Reliable Debt Management
- Create Wealth
- Retire with Dignity
National Debt A...
- Manage your debt
- Trusted debt counsellors
- Become debt free
Debt Review Cen...
- Explore debt free options
- Free assessments
- Reduced monthly payment
Credit Matters
- Become debt-free
- Leading debt counselling
- Reduce the amount you pay
Credit Rescue
- Debt Repayment Solutions
- Tailored Debt Mediation
- Prevent Legal Action
DebtCare
- Become debt free
- Certified Debt Counsellors
- Protect your assets
Cyber Finance
- Settle debts fast
- One monthly installment
- Protect your assets
DebtMap
- Loans up to R100,000
- Term up to 60 months
- Reliable debt counselling
Freedom Debt Co...
- Regain financial freedom
- Protect your assets
- Pay lower installments
Meerkat
- Reduced Monthly Payments
- Achieve Financial Freedom
- Tailored Debt Solutions
FinCheck
- Compare debt solutions
- Apply in 2 minutes
- One easy payment
Credit Salvage
- Legal solutions
- Credit clearance service
- Competitive interest rates
Debt Fresh
- Get rid of debt
- Financial management
- Low interest rates
Nokofin
- Tackle Financial Stress
- Sucsess begins here
- Free assessment
Debt Counsellin...
- Consolidate your debt
- Increase cash flow
- Get rid of debt
Help-U Debt Cou...
- Clear Your Credit Record
- One Monthly Repayment
- Become Debt Free
Debt Solutions ...
- Personalised debt solutions
- Restructured payments
- Debt management
Debt Guides
- Online Debt Assessment
- One Reduced Installment
- Protection From Blacklisting
Debt Relief Tod...
- Financial discipline
- A 7-step process
- Get debt relief
DCGsa
- Tailored Reayment Plan
- One Affordable Instalment
- Reduced Debt Repayments
Debt Guard
- Effective debt solution
- Affordable payments
- Qualified specialists
LegalWise
- Protect Your Assets
- Legal Protection
- Debt Solutions