How Long Will I Be Under Debt Review?
Debt review is a debt rehabilitation program to help consumers who are overindebted in South Africa. Your debt review period depends on how much debt you have, how much you are able to repay per month and based on this information we will be able to determine how long you will have to be under debt review.
Your personal circumstances and your level of over-indebtedness are all taken into account when our debt counsellors are initially calculating and negotiating your repayment plan. Depending on how committed you are to the program, debt review can be the perfect way to start a clean slate.
Wondering what exactly a National Debt Advisors (NDA) Debt Counsellor does? Debt counsellors at NDA will do all that they can to get credit providers to agree to lower instalments by proposing extended repayment terms. Your debt counsellor will be assigned to you, giving you and your case all the attention that you may need. Your debt counsellor will gain unique insight into your situation, which will help them to negotiate with your credit providers. This understanding of your credit history and your specific needs will very well result in reduced interest rates, which could shorten your repayment term.
Still wondering how long you will be under debt review? As a rule, debt review takes a maximum of five years. But don’t let this scare you off. Debt review prevents you from losing your assets, allowing you to become completely debt free in just a few years, instead of spending a lifetime paying off debt.
If your financial position improves while under debt review and you want to start paying in larger monthly payments or even a once-off lump sum, we can arrange for you to make a smooth exit from debt review, giving you the option to speed up the process if your circumstances change for the better.