Approved Debt - The Debt Review Process

Being over indebted is naturally not ideal. Having too much debt and not enough money each month to pay off debt is not only stressful but can involve legal action taken against you by your creditors.

A debt review may assist you in becoming debt free. The initial process involves:

  1. Making an appointment with a debt counsellor at an accredited financial institution. In South Africa, consumers have the right to apply for a debt review as is stipulated in the National Credit Act 34 of 2005.
  2. In order to start the debt review process you will have to complete a form with the help of your debt counsellor.
  3. The completed form is sent through to your creditors to inform them that you have undertaken a debt review.
  4. Your creditors will then communicate to your debt counsellor any outstanding monies owed to them.
  5. Once all the information regarding your debt has been obtained, the debt review process takes place.

Whilst the debt review process is in motion no legal action may be taken against you by your creditors. Your debt counsellor will act as a mediator between you and your creditors and will negotiate on your behalf. You may expect them to negotiate things like lower interest rates and longer payment terms.

Remember, each debt review process is different and it will be up to you to work closely with your debt counsellor and adhere to the new repayment terms offered to you. Often debt reviews entail consolidating your debt, which means all your debt will be paid off with one payment for a fixed time period.


Debt

Interested in Approved Debt?

Website: www.approved.co.za


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