The Debt Review process explained by a Debt Counsellor in George. The Debt review process is a legal route that helps consumers who are over-indebted to get back on their feet financially. It is a way to restructure your debt so that you can afford to repay it. You can do a FREE DEBT ASSESSMENT by following this link: https://controldebt.co.za/enquire-debt-review/
The debt review process in South Africa is as follows:
- You contact a registered debt counsellor and provide them with your financial information. Your pay slip, monthly expenses etc.
- The debt counsellor assesses your financial situation and determines if you are eligible for debt review.
- If you are eligible, the debt counsellor will negotiate with your creditors on your behalf to agree to a new repayment plan.
- Once the creditors agree to the new repayment plan, a consent order is drafted and signed by all parties involved.
- The consent order is then filed with the NCT (National Consumer Tribunal).
- Once the debt review application is signed, you will be placed under debt review.
- You will then make a single monthly payment to the PDA ( Payment Distribution Agency) who will distribute the payment to your creditors. Control Debt uses DC Partner PDA http://www.dcpartner.co.za
- You will remain under debt review until your debt is repaid in full.
The Debt Review process, Debt Counsellor in George clarifies that Debt Review continues until all debt is paid-up. However, it is important to note that the length of time will vary depending on your individual circumstances.
Here are some of the benefits of debt review:
- You will be protected from creditor harassment.
- You will be able to consolidate your debt into one monthly payment.
- You may be able to negotiate lower interest rates on your debt.
- You will be able to get back on your feet financially.
If you are struggling to repay your debt, debt review may be a good option for you. However, it is important to speak to a registered debt counsellor before making any decisions. They will be able to assess your financial situation and determine if debt review is the right solution for you.