What is Debt Review?

Taking Control over Your Debt with Our Professional Debt Review Service

Tough economic times are certainly leaving their mark on a great deal of individuals these days. I mean for one, loss of jobs and increasing cost of living has progressively put so many unsuspecting people in a position where they can no longer manage even the most innocent of debts.

Aggressive lending by the banks coupled with the economic downturn has left scores of individuals in the hole for money and unable to repay the banks. To put it straight they want their money and they are going to go after it with as much fire power as they can. And if you are the one in debt, you may be left to face overwhelming legal action. However, it doesn’t have to be that way. Thanks to the June 2007 National Credit Act, you now have an achievable alternative to getting your way out of debt through what is called debt review.

Debt counsellors are professionals who get in between you and aggressive creditors to negotiate on your behalf. Many times there involvement will actually stop any legal action from ever taking place. Why? Because in you seeking a debt counsellor it shows the creditors that you as the borrower are not trying to skip out on paying back what you owe. The bank benefits with a monthly monetary commitment from you and you benefit with a more manageable monthly payment and possibly a reduction in the total amount you owe.

Applying for the debt review process will usually take up to 5 days to complete. All creditors must be informs with a form 17.1 Notice that you have applied for debt review. We then have 60 working days to negotiate with each creditor and apply for a court date. During this time, however, you can consider yourself covered, because as soon as the process is started the debt counsellor starts going to work in negotiating with the creditors on your behalf.

To qualify for debt review you must have some kind of income regardless of where it is coming from. So self employed individuals and salary workers may apply. The only condition is that you have enough money coming in every month to make payments to essential living expenses, like rent, food, water and lights, insurance and be able to make an offer to creditors for the outstanding debt.

Just know there is no better time than the present, so act before it is too late to apply for debt review. The absolute worst thing you can do is NOTHING. The second you realize you won’t be able to make your monthly payments is the second it would be best to take steps to resolve it with a debt counsellor. If you let your debt get to the point where you receive a summons then the creditors are no longer obliged to listen to your debt counsellor. You’re better off safe than sorry.

Stop losing sleep over your debt and apply for debt review today. We’ll show you how step-by-step! Contact us now for more information.

We help people nationwide! We can even send you a debt consultant for a personal consultancy.

Contact details:

Cell: 076 514 3756
Email:  enquiries@whatisdebtreview.co.za

Share and Enjoy

  • wp socializer sprite mask 32px What is Debt Review?
  • wp socializer sprite mask 32px What is Debt Review?
  • wp socializer sprite mask 32px What is Debt Review?
  • wp socializer sprite mask 32px What is Debt Review?
  • wp socializer sprite mask 32px What is Debt Review?
  • wp socializer sprite mask 32px What is Debt Review?
  • wp socializer sprite mask 32px What is Debt Review?
  • wp socializer sprite mask 32px What is Debt Review?

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>