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Debt Review

What is debt review and do I need it

The national credit act 34 of 2005 was introduced in order to protect and assist over-indebted consumers from aggressive practices by credit providers.

Entering the debt review process, normally starts with an e-mail or phone call to a debt consultant registered with the National Credit Regulator to provide such a service. Debt-911 is registered to provide such services and it is important to ensure that one does not enlist the services of a bogus, fly-by-night provider.

All pertinent information pertaining to your personal financial situation should be provided to your consultant so as to ensure that they can offer you the best advice. It is important to be completely honest and transparent with your counsellor regarding all income and expenses as this will have a bearing on the outcome of your debt review process.

Our highly trained debt counsellors will then make an assessment as to your level of indebtedness in order to determine whether you are legally over-indebted.

It is important to know that there are some fees involved in applying for debt review and Debt-911 counsellors will be transparent about these when you sign up. Fees include an application fee, a rejection fee, restructuring fee, monthly fee and legal fees.

Debt -911 counsellors will negotiate a lower, more affordable monthly repayment plan with all your creditors after consulting with you about your monthly requirements for groceries, housing transport, school fees etc.

Once a new, lower monthly payment plan has been negotiated and accepted, it is important to be very strict with regards to making these repayments. Failure to do so could incite any one of your creditors can institute legal action against you and attach your personal belongings.

The benefits of entering a debt review process includes

  • Emerging debt free at the end of the process
  • You have a very high chance of retaining your valuable personal belongings
  • You are protected from aggressive legal recovery processes instituted by credit [providers
  • You pay a  more affordable fixed monthly amount
  • Debt-911 will negotiate with your creditors on your behalf so you don’t have to
  • You emerge with a clean credit record

Debt-911 offers a professional service

If you would like to explore the possibility of paying more affordable monthly repayments, 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.