The process of applying for debt review

The article discusses debt review as a helpful process for individuals who are struggling with debt in South Africa. It outlines the benefits of debt review, such as making affordable monthly payments, protection from legal action, decreasing interest rates, decreasing credit life insurance, and improving credit score. The article : that debt review provides a structured plan to repay debts and helps individuals to regain control of their finances.If you are struggling with debt, applying for debt review could be a solution to help you manage your debts effectively.

Here are the steps to apply for debt review:

Find a reputable debt counsellor: Look for a debt counsellor who is registered with the National Credit Regulator (NCR) in South Africa. You can search for a registered debt counsellor on the NCR website.

Provide your financial information: Once you have chosen a debt counsellor, you will need to provide them with your financial information, such as your income, expenses, and debt obligations.

Undergo a debt review assessment: Your debt counsellor will assess your financial situation to determine if you qualify for debt review. They will also negotiate with your creditors to reduce your monthly instalments to a more manageable amount.

Sign the debt review application form: If you qualify for debt review, your debt counsellor will provide you with a debt review application form to sign.

Notify your creditors: Your debt counsellor will notify your creditors that you have applied for debt review and request a certificate of balance from them.

A court hearing: A court hearing will be scheduled to confirm your debt review application. Your debt counsellor will represent you in court.

Follow the debt review repayment plan: Once your debt review application is approved, you will need to follow the debt review repayment plan provided by your debt counsellor. This plan will outline your monthly payments and the duration of your debt review.

Do I need more advice about my current debt situation?

It is important to note that once you have applied for debt review, you will not be able to access credit until you have completed the debt review process. However, debt review offers many benefits, such as protecting you from legal action and helping you to regain control of your finances.

If you have any questions about debt you currently have, please feel free to reach out to a member of the Libertine Consultants team. We are here to provide you with judgement-free support and advice. 

Need advice? We can assist with that too! Submit your inquiry to us via email advisors@libertineconsultants.co.za and we will provide you with sound insights on the best way forward. In the meantime, keep an eye on our YouTube channel to get more practical advice on managing the financial stress of the pandemic.