Can I enter Debt Review if I’m unemployed?
In order to qualify for debt review, you will need to be permanently unemployed. This lets your debt counsellor know that you have a regular income, and in turn, you are able to afford your debt at a reduced rate. Being permanently employed also gives your lack of affordability more credibility to your creditors, who are the ones who need to agree to your reduced rates negotiated by your debt counsellor.
This is why it is important for you to understand your financial situation and look for solutions before things get out of control.
Here’s a list of qualifying requirements for those who are thinking about going under debt review:
- You need to be a South African
- You need to be permanently employed
- You need to be over-indebted