532,718 consumers are now under Debt Review South Africa, while 87,706 consumers have applied, according to Compuscan, one of the largest credit bureaus.
Debt Review is not a quick-fix, patch-up or plaster, but more of a lifestyle overhaul. Before entering debt review South Africa, you’re going to have to change the way you think about and handle money altogether.
If you don’t stick to the revised payment plan your debt counsellor arranges for you, you could be terminated from the process. Leaving your finances in more of a mess than they were to begin with.
If you are, by some miracle, spared termination, chances are you will have to pay higher interest rates over a longer repayment term.
On the other hand, it can be incredibly rewarding to over-indebted consumers, who are looking to turn over a new leaf, hit the refresh button, and live freer, more meaningful, less materialistic debt free lives.
However, whether you fulfil your aspiration of living debt free will all depend on you making your payments in full and on time every month. Until such time as all your unsecured debts are settled.
And so, we will issue you with a Clearance Certificate that removes your status of being under debt review South Africa.
If you’re trully serious about becoming debt free, you must be prepared to cut down on your expenses significantly and rethink your lifestyle choices.
In a nutshell, it is a legal process designed to protect and provide debt relief to over-indebted consumers. As follows, your debt counsellor will restructure your debt, to ensure you can afford to meet your monthly financial obligations.
Debt counselling helps you to stay on track with your repayments, if you’ve fallen into arrears, are struggling with your finances and need debt relief.