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Debt Problems – How Do I Know If I Am Over-indebted?

Am I Over-indebted And Do I Qualify For Debt Review?

A person is legally considered over-indebted when the person does not have the financial ability to pay all his or her monthly debt repayments at the end of a month.

The National Credit Act of 2005 which came into effect in 2007 states that if a consumer has undergone an assessment by a debt counsellor and the counsellor has determined that the person is unable to meet his repayments at the end of the month, that the consumer is considered to be over-indebted.

Debt-911 begins its assessment as to whether a consumer can be classified as over-indebted by undertaking a detailed review of a client’s financial situation.

How Can A Debt Counsellor Help Me

In addition to assisting consumers with debt restructuring, Debt-911 counsellors are also able to assist clients draw up realistic budgets enabling them to carefully monitor their spending thus ensuring they don’t fall into the debt spiral.

Although consumers may wish to enter the debt restructuring process, it does not mean that they will automatically qualify for debt review. Should a debt counsellor conclude that a consumer does not meet the legal requirements enabling them to undergo debt review, a counsellor will issue a letter of rejection.

Debt stressed consumers receiving such a notification can, within 20 days, approach a court to have him/herself declared over-indebted. Furthermore, a consumer may also request that the courts declare his agreements reckless and refer him to debt restructuring.

Debt Review – Explore your options

If you are stressed about your debts and feel that you are struggling to meet your monthly repayments, simply call us, SMS Help to 40935 or fill out the form alongside and a trained Debt-911 counsellor will call you to assess your personal situation and give you a tailor-made, debt review solution.