The National Credit Act first introduced debt review as a means of transforming the South African credit market. This act was first established in 2007 and was aimed at helping over-indebted South African consumers struggling to repay their debts.
If you’re looking for help with your debt and would like to learn more about applying for debt review, this article will be very informative.
If you’re looking for a way to apply, then simply visit our home page and complete the quick debt assessment to get started. One of our senior consultants will guide you through the process from there.
The introduction of debt review in South Africa has been a unique experience for many South African’s. Initially, the NCA replaced the unpopular Usury Act, which didn’t protect consumers from unethical lending practices, contributing to the nearly 25 million South African’s currently suffering from over-indebtedness.
The primary purpose of debt review is to help protect consumers from unethical lending practices and help consumers reach a state of freedom from over-indebtedness and create an accessible and affordable credit market for everyone.
The advantages of debt review are numerous and include:
The debt review process is designed to assist consumers that are struggling to repay their debts. This can be due to several different factors such as:
The debt review process is quite simple and is based on the following qualifying criteria – to apply, you must:
Applying for debt review is quick and easy, however, if you’d like to learn more and choose the right service provider, then the process involves several steps on your part before you can begin. Here are a few things that you might consider:
Once you’ve completed the steps above, you can start the application process itself. When you apply with Debt Restruct, your debt counsellor will help you with the formal application and submit and complete all of the relevant debt review forms with you. An overview of the process includes:
Once your repayment plan is in effect, your debt counsellor will take responsibility for communicating with your creditors, as well as the NCT, to make sure that you’re staying on track.
If you have further questions regarding the debt review process, feel free to contact us to learn more.
Learning how to apply for debt review doesn’t have to be a long, complicated process. Here at Debt Restruct, we have created a simple, step-by-step application, which will allow you to get started in a matter of minutes.
Think you could benefit from a debt review? Then take our free assessment to get started right away.
Find out if you’re eligible to reduce your debt and protect your belongings.
Disclaimer: This website and any information herein is not intended to be, nor does it constitute, financial, tax, legal, investment, credit, or other advice. Before making any decision or taking any action regarding your finances, you should consult a qualified professional directly.