Debt Review Gauteng
If you are in Gauteng, Limpopo, The North West or Mpumalanga provinces and need to talk to someone about your debt, contact Debt-911
Don’t Wait Until Your Creditors Are Beating Down Your Door.
If you are beginning to feel the squeeze of overwhelming debt burden, feel free to fill out the form alongside or SMS HELP to 40935 and one of our highly experienced debt consultants will call you to discuss your personal financial situation.
What is debt Review?
Introduced in 2007, the National Credit Act specified a process called Debt Review in order to assist over indebted individuals pay off their debt obligations.
Someone who is undergoing debt review has appointed a debt counsellor who has declared you to be legally over-indebted and has informed all your creditors that you are undergoing debt counselling. Once your creditors have been informed, consumers have a 60 day window of protection against legal action.
Your Debt-911 debt counsellor will renegotiate your debt obligations with your creditors on your behalf.
Upon repayment of your debt, a clearance certificate is issued by your debt counsellor and credit bureaus will be notified of your exit from the debt review process. This ensures that customers exit with their credit records intact.
Please bear in mind that whilst under debt review consumers cannot take on more debt as this could put them at risk of having their entire debt review process terminated.
Over-indebted consumers should therefore not use their credit cards. Store cards or apply for unsecured loans. You will be unable to get approval for a secured loan whilst under debt review.
Be sure to adhere strictly to your revised repayment plan. Any default could trigger legal action by your creditors.
It is wise to use the debt review process as a learning experience, and a take away should be to draw up a monthly budget which you can continuously adjust and refer to on a monthly basis.