The payment period for your debts is extended to lower your monthly installments. Your debt review will be listed in your credit file until the program is completed or when all of your debts listed under Debt Review are fully settled. Your debt review will be listed in your credit file until the program is completed or when all of your debts listed under Debt Review are fully settled. Sam was aware of these issues and endured her fair share of harassment, but now, as long as she is in a debt review, she won’t receive any legal advice or phone calls from creditors.
Still, you must weigh the pros and cons of the debt check before you decide whether debt counseling is your path to financial security.
What are the effects of debt review?
Myles was able to subject Bekwa to a debt review and negotiate a zero interest rate on the Standard Bank loan. Debt Review makes your debts affordable while protecting you from asset redemption, legal action, and harassment from creditors. If you are over-indebted and struggling to meet your debt obligations, you can apply for a debt check. Overindebted consumers must be aware that they cannot apply for a new loan once the debt assessment has been completed and that this can only be terminated once all debts have been settled.
How long do you stay under Debt Review?
If you’re one of the millions of consumers facing financial burdens due to high debts, you should be able to benefit from talking to a debt counselor. Once you’ve successfully completed your debt review program, any debts paid as part of the debt review should include “paid” in your report and your credit score should be reset to zero. Give it a month after you’ve received your clearance certificate to see if credit bureaus have deleted the Debt Advice flag from your profile.
References:
- https://www.ndca.org.za/articles/advantages-and-disadvantages-of-debt-review/
- Pros and cons of debt review | Citypress
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.