July 13, 2017

Debt Review

Are you Drowning in debt? You’re not alone!

Many South Africans are battling to meet their financial commitments and make ends meet on a monthly basis.

If your monthly repayments towards your house, car, credit cards and accounts have risen so high that you are  facing blacklisting, one option is to go into debt counselling / debt review.

Debt review, otherwise known as debt counselling, is a debt solution targeted at South African consumers who are over indebted and struggling to manage their finances. Debt review is a process whereby a debt counsellor assesses a client's outstanding debt and implements a restructured / reduced debt repayment plan. This gives the consumer the ability to regain control of their finances while still honouring their debt obligations.

This procedure is only in place in respect of credit agreements where the credit provider has not issued Summons. The purpose of debt review is to head off legal action and to seek a negotiated settlement and to obtain a court order against the credit providers forcing them to accept a lesser installment and/or to extend the repayment period of the agreements.

We offer professional debt counselling at Consolidated Debt Solutions, we approach your credit providers and negotiate with them to have your instalments reduced.

In this way, you will be able to afford your repayments each month, as well as cover all of your living expenses. In addition, your credit providers are not allowed to contact you or to take legal action against you, giving you some much needed  stress relief.

Debt Review process applies to those who have more than R50 000 in total.