Debt Review Companies

While debt review can be a lifeline for an over-indebted consumer, it should not be entered into lightly. Over-indebted consumers need to be aware that, once they enter debt review, they cannot apply for new credit and it cannot be exited until all the debts are settled.

How long the debt review process lasts depends on a number of things, such as the amount of debt that you have and how much you can afford to repay, amongst others. Typically, it takes 36 – 60 months to complete the process, be declared debt-free, and get your clearance certificate.

After your initial assessment with a debt counselling company, you may be informed that your current situation does not qualify you to go under debt review. Some of your accounts, especially those which have been subjected to legal action, may be excluded. Your debt may take longer to repay.

Debt review is a legal process, and your payment plan has been accepted by all your creditors. A court order has also been granted. If you default on your plan, you are breaking your agreement and your creditors are within their rights to initiate legal proceedings.

Q: I want to remove my name under debt review but have not finished paying my debt. Is it possible? Yes, this can be done if your debt review was made an order of court and the court order is subsequently rescinded OR an application is made to court to have you declared “not over-indebted.”

The process shall be completed within 15 minutes in which you will be advised of the appropriate action to terminate your debt review and clear the flag from your credit records. The once-off Assessment fee of R85 is payable upon submitting the service request form and the assessment process will commence immediately.01 Jun 2020

How long the debt review process lasts depends on a number of things, such as the amount of debt that you have and how much you can afford to repay, amongst others. Typically, it takes 36 – 60 months to complete the process, be declared debt-free, and get your clearance certificate.