- 2 Ncondo Place, Umhlanga, Durban
- 061 548 4855
- info@debtreviewremoval.co.za
Debt Review And Debt Removal Services !!
We are South African’s No.1 Debt Review And Removal, Debt Rescue, Debt Buster Company.
We will take care of all your legal and debt solutions.
What Is Debt Review ?
Debt review is a program that allows consumers to resolve their debts for a fraction of the full amount owed. If a consumer qualifies, he or she can enter into an agreement with the credit card company that owns the debt. That agreement will allow them to repay only a portion of what they owe. This is sometimes called forgiveness.
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Everything You Need to Know About Debt Review
If you’re struggling with debt, it may seem that the most sensible thing to do would be to wait and enroll in debt review when your situation has become even more dire than it already is. However, by waiting, you’re only making your situation worse and potentially putting yourself in a much more precarious financial position. By enrolling in debt review sooner rather than later, you can solve your financial problems before they snowball into something even worse and affect other aspects of your life negatively. To read more about why you shouldn’t wait to enroll in debt review, click here .
Don’t give up! Debt review can help you settle all of your debts with one lump sum, rather than having to pay each company individually on an ongoing basis, and it can even protect you from bankruptcy if you have no other way out of your financial situation. So how does debt review work, and what do you need to know about it? Keep reading for the answers to these questions and more!
What is a debt review?
A debt review is a way for you to try and wipe the slate clean by examining your debt situation. This process may include an audit of your income and expenses as well as examining all of your liabilities, so you can decide on a plan that’s best for you. A debt review is different from bankruptcy, which will likely have more severe consequences and result in significantly more damage to your credit score.
What options do I have before debt review?
There are a few things you can do before turning to debt review. If your income is low enough, the court might grant you a monthly payment schedule and a reduced judgment amount. Before debt review, reach out to creditors and negotiate lower payments. Keep in mind that if they refuse, this may make it difficult for you during debt review. Finally, look into bankruptcy which will wipe out your debts and start fresh with a clean slate after some time has passed.
How does debt review work?
When you go into debt review, the amount of money that goes towards your debts will be reduced by half. This means that over the course of a six-month period, you’ll make payments for three months. At the end of these three months, your creditors can’t take any more money from you. If they try to withdraw more than is allowed at this point, they’re considered breaking their contract with you and could face legal consequences.
What are my rights during debt review?
You are allowed to apply for a debt review, but it can only last up to three years.
If you’re denied a debt review, you can appeal the decision by completing an Application for Appeal form. The form is available from your local Ministry of Justice or Ministry of Consumer Affairs and Business Regulation office, as well as on their website. It must be submitted within 90 days of the date that you were notified about the denial of your application. If granted, your debts will be reviewed and either reduced or forgiven if they’re not legally collectible.
Is it worth doing a debt review?
Debt review is a way of consolidating your debts, which can be difficult to do alone. It can help you get the most out of what you owe by consolidating all the different interest rates and repayment structures into one affordable monthly payment for up to five years. This way, you’ll have better chance of paying back the debt quickly, rather than just making small payments that barely chip away at it.
Common misconceptions about debt review
Though debt review can help you reduce your monthly payments and save money, it does not last forever. If you do not make payments for two months or are unemployed for 12 consecutive months, the bailiff will be sent out and items will be seized from your home until the bailiff is satisfied. Also, debt review is not applicable to everyone; bankruptcy and liquidation may be more appropriate options if you have a certain amount of debts.
Real life stories from the people who did it...and survived!
Debt review is one of the most popular debt settlement methods. We wanted to share a few stories from people who were willing to get honest about what it was like for them, both during and after.
In these personal accounts you’ll learn some truths about how long it can take, how much debt relief you might get, and how hard it can be. These are real life stories – we changed their names but everything else is true!
Anna got herself into R800 000 worth of credit card debt over her five year career as an investment banker before she knew what hit her. She went on to have three children with her husband who made R1,4 million per year at his day job. I didn’t really think anything bad would happen, she says now. But then my husband lost his job and we had to declare bankruptcy.
When I looked back at our spending habits, I realized that he had been encouraging me to spend money in order to make more money. As soon as he found out I had spent R350 000 without telling him, we separated. Now when my kids ask if they can buy something new, I say no – even if they ask again later that day or the next day or maybe even next week. That’s just too much time away from not buying things they don’t need just because someone told them they should have it.
I know how easy it is to start feeling good about yourself by getting those material goods but all those feelings disappear so quickly and you’re left with this huge mountain of regretful debt. So I tell them that they can save up their allowance and earn enough money to buy whatever they want. It takes longer, but isn’t that better than living paycheck-to-paycheck?
In 2019 Courtney was barely making ends meet as a single mom working two jobs while putting herself through school. Her student loans totaled over R650,000 and her car loan came to nearly R275 000 when she couldn’t keep up with payments. One night while studying she reached out to us asking if there was any way to lower monthly payments on her car loan. There wasn’t any option for me other than declaring bankruptcy, she said. My father helped pay off the last of my debts and I filed for bankruptcy shortly thereafter.
The thing is, filing for bankruptcy felt like a relief to me because it freed me from having to worry about all the pressures I put myself under trying to figure out how to pay off this debt every month. For Courtney, facing her financial situation head on was less painful than running away from it: You just have to face reality. Debt is scary, it’s overwhelming, and it makes your life difficult. But it doesn’t have to ruin your life. Make a plan and stick to it. Trust the process. Tap/Click Call Me Back and we will help you find the best solution.
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We help you get removed from debt review, credit clearance certificate and more
- Debt Review Removal
- Debt Consolidation
- Debt Counselling
- Debt Rescue
- Legal And Debt Solutions
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OUR SERVICES
We Provide Various Credit And Debt Services
Debt Review Removal
Yes we can help you get removed from debt review. Tap the CALL ME BACK button and we will call you back
Debt Counselling Services
We also provide debt counselling services. If you need help with debt then tap the CALL ME BACK button and we will call you back now.
Legal And Debt Solutions
We provide legal and debt solutions to our clients all over South Africa.
Credit Report Service
We can assist you with low credit scores and are partnered with the 2 biggest credit bureaus in South Africa. Tap CALL ME BACK for assistance.
Debt Rescue Services
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Clearance Certificate Service
We can provide you with a debt clearance certificate. Tap the CALL ME BACK button for a FREE Consultation.
TESTIMONIALS
Our Happy Debt Review Client Reviews
Lydia is an amazing debt expert. Her knowledge is outstanding. She helped me within 30 minutes to stop all my creditors and reduce my monthly repayment by over 60%. I am so blessed! Thank you.
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About Us
We are debt review and removal company based in Umhlanga, Durban. We help people in South Africa get out of debt fast.
Contact us
- 2 Ncondo Place, Umhlanga, Durabn
- 061 548 4855
- info@debtreviewremoval.co.za
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