As a debt assessment customer, you will emerge from the debt review process and have a better knowledge of the importance of healthy money habits such as budgeting, saving, investing and taking out insurance. On the other hand, if you pay R2 000 per month for the outstanding debts, it takes 5 months to review the debt. As a debt assessment customer, you will emerge from the debt review process and have a better knowledge of the importance of healthy money habits such as budgeting, saving, investing and taking out insurance. The average time required to carry out a debt review is three to five years, or 36 to 60 months.
Everyone is different and many people pay off their debts faster than those who are under debt assessment.
How can I speed up my debt review?
Lenders will rate this positively as it reflects that you are fully rehabilitated and able to manage your financial affairs responsibly. If you have extra income (such as a tax refund, bonus, or salary increase), you can contact one of the DebtSafe Debt Counsellors to make arrangements for you. Otherwise, there is no way you can stop the debt verification program if you still haven’t eliminated your over-indebtedness.
References:
Barry Ritholtz is a renowned finance expert, author and blogger. With over 30 years of experience in the financial industry he has gained a reputation as a thought leader and influencer in the investment community.