Debt Restruct

How to Explain Debt Review to Your Partner, Spouse, or Significant Other

red haired woman explaining debt review to her partner using a tablet in her right hand with a white wall and some plants in the background

Planning your future with your partner is vital to any relationship, especially on matters concerning finances. However, talking to your partner about debt can be difficult. Many people carry their own debt burden, making it even bigger and stressful.

Marriage brings two compatible people together, and also, in some way, it links their finances and debts. Money management can help couples reduce money stress and know how to avoid getting over-indebted. Also, good communication with your spouse can help you reduce too much pressure.

But what if your financial situation is getting worse and you are considering debt review to deal with overwhelming debts. Should you talk to your spouse about it?

Debt review is a debt relief measure that helps many over-indebted South Africans get out of debt. The process allows consumers to make ends meet by reducing their monthly debt repayments by consolidating their debts to make repaying easier, and helping them deal with the stress by talking to creditors on their behalf.


Telling your Partner about Debt Review

Getting support during these difficult financial times is necessary, and that’s where your partner comes in. It would be best if you let your spouse know about your financial situation as soon as possible. After all, they will be the first to know when something is not alright.

Talking about debt review can trigger negative feelings. But it’s better than keeping it from your partner, which can make life unbearable. Too much stress can result in heated arguments, mental health issues like anxiety, and poor communication.

If you have decided to talk about your debt, reassure your partner that debt review will help you deal with the problem. Debt counselling or debt review was enforced by the National Credit Act in 2007 to help over-indebted South African consumers repay their debts.


Explaining the progress you are making to them and the benefits of debt review will assure them that your debt problem will not be around forever. Working out issues together can solve many marital problems. This applies to finances also. Naturally, you can expect that a few questions may arise whilst discussing debt review with your partner.


Here are some of the questions you should expect:


How will Debt Review Help?

When you are over-indebted and opting for debt review, it is essential to explain the pros and cons of the debt review process to your partner. The key is to get the help that will build your finances up again. Debt review will give you and your partner legal protection from getting harassed by your creditors. Therefore, you won’t have to worry about creditors repossessing your assets or precious belongings.


While under debt review, you will not be able to make more debt through further lending. This is a valuable benefit which will protect you from getting into more financial trouble. And the inability to borrow more money will help you to repay the existing debt in the shortest time possible. The debt counsellor will negotiate a lower monthly repayment that gives you sufficient income to cover other monthly expenses.

Check to see if you qualify to reduce your debt instalment with our quick quiz

Will Debt Review Affect Your Spouse?

During the debt review process, all income should be considered. If you are married, your partner’s income may be included according to your marital contract. But how exactly will debt review affect your partner?


When married in Community of Property (CoP)

Married in a community of property means that you equally share what you own. This also stands during the debt review process. When you are in this marriage type, you and your spouse will apply for a debt review process together. You both have to agree to start a debt review process before the application is processed. Remember, after the debt review process, you and your partner will be responsible for debt repayment.


Married outside Community of Property (OCOP)

If you are married outside the community of property, it means that you and your partner own everything independently. Partners under this marital contract are not obligated by the law to go through the debt review process together. This means you can apply for debt review independently.

Your spouse can rest assured that their finances will not be affected. However, a reliable debt counselor like Debt Restruct will guide you and your spouse through the best course of action, including a step-by-step guide to the debt review process.


The Result of Discussing Debt Review with Your Partner

As challenging as sharing your financial troubles with your spouse can be, it is vital to work together to deal with any situation that comes across your relationship.

Discussing your over-indebtedness and tackling it head-on will ensure that money woes won’t bring your relationship to a bitter end. 

You are not alone in this, Debt Restruct is helping thousands of South Africans build a better future with our trusted debt review service. Get in touch or try our assessment below to see if you qualify to start reducing your monthly debt instalment.

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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.

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