What happens if you are under debt review?

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They are declared over-indebted during the debt check and marked as customers for debt verification by credit agencies. This prevents you from taking out any further loans, as the debt check is designed to help you pay off existing debts. Once the debt review process is complete, a debt advisor issues a certificate of approval. If you submit to a debt check, you will be declared over-indebted and marked as a customer for debt checks by credit agencies.

This prevents you from taking out any further loans, as the main purpose of the debt check is to help you pay off any existing debt. Debt checking is a legal process that anyone can use if you are over-indebted—that is, if you can’t meet all of your financial obligations. The NCA is designed to protect consumers and protect their rights so that creditors, collection agencies and debt advisors do not exploit vulnerable consumers. This can be used to remove the debt check flag from your credit report and reset your credit score to zero.

However, since debt can have positive or negative effects, it is usually classified as either good or bad debt. After you have paid off all your debts and your debt advisor has applied for and received your approval certificate, he has seven days to file it with credit agencies so that they can delete your records. Your debt advisor has created a new repayment schedule that you must follow, and you only need to make a reduced payment on your debt each month. The fact that it’s a legal process governed by the National Credit Act (NCA) and regulated by the National Credit Regulator (NCR) makes it safer than other debt solutions such as debt consolidation and payday loans, to name a few.

Although debt checking is extremely effective, especially in the long run, it’s important that you know what to expect on your journey to financial freedom. However, once the debt review process is complete, the interest and repayment amounts are reset to the original contractual values. Debt Rescue has saved thousands of South Africans from losing their wealth, being blacklisted and allowing them to live without the heavy debt burden that takes money away from the cost of living. The debt advisor then updates your debt review status to “release” in the National Credit Regulator’s Debt Help System.

You have enough money to pay off your debts and living expenses as your debt advisor created a new budget for you as part of the process.

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