Debt Review Demystified
The following are some of our most frequently asked debt review related questions:
Debt Review Explained
During debt review, a registered debt-911 counsellor will assess a client’s personal financial position with a view to consulting a client’s creditors with the objective of reducing a clients monthly debt commitments into more affordable monthly repayments.
Why use a Debt-911 counsellor?
With the introduction of The National Credit Act (NCA) in 2007, Debt-911 formally registered its certification with the National Credit Regulator and have built a highly qualified and experienced team of debt counsellors and legal experts to assist clients ease their financial burdens and place them firmly on the path to financial freedom.
Will my debts increase when I am under debt review?
No, once the Debt-911 costs have been incorporated into client’s monthly repayments, consumers under debt review can not take on any further debt until they have formally exited the debt review process.
Can I purchase goods on credit?
Provided clients pay their monthly installments without fail, they exit the process with a clean credit record and will not be blacklisted. Once clients have paid off their debts and exit the debt review process, Debt-911 will issue a clearance certificate that is sent to all major lending institutions and credit bureau which then enables clients to take on new debt, whether it be for a house, a car or store credit.
Will being under Debt review affect my job prospects?
While being under debt review should not have any impact on a person’s job prospects, it is true that in the past, due to a misunderstanding of what exactly debt review was and how it worked, some people did face difficulties with employment opportunities. Being under debt review has no effect on your employer and unlike garnishee orders, adds no additional administrative burden on employers.