7 x DEBT REVIEW EXPECTATIONS | HOW TO BENEFIT | NO MORE STRESS

AN INTRODUCTION:  7 x DEBT REVIEW EXPECTATIONS 
Discover the 7 most prominent expectations of the debt review process in our informative article, "7 X Debt Review Expectations."

Common concerns about the Debt Review Process
When it comes to debt review and what to expect from the process itself, the most common concern is whether it is actually effective as a debt relief remedy. If so, what can you expect, and more importantly, how long will you be under debt review, if you choose this method as a debt relief solution?

7 X Key aspects of the Debt Review Process
Discover the seven key aspects of debt review and acquire insight into what you can expect when embarking on the debt review process as a means of alleviating your debt.

When considering the debt review process, the following 7 x debt review expectations will apply:

Monthly payments to creditors are reduced by at least 50%, depending on your affordability.

Instead of paying the creditors’ separately each month, one consolidated installment will be paid monthly to an NCR approved distribution company.  Which will then distribute the funds among the creditors in accordance with the agreed-upon renegotiated installments.

If no legal collection actions have been initiated on the outstanding debt, your assets will be protected from repossession.

If legal collection operations have not already started, your salary will be protected from garnishee orders.

You don't have to worry about losing your vehicles and immovable property, because the debt review process can include them. However, it's important to understand that if you are behind on any of these accounts, the financial institutions have the choice to exclude them from the debt review process. They can then continue with their legal collection process. In this instance, you may unfortunately lose your vehicles and/or immovable property(s), depending on which of these accounts are in arrears.

The stress and worry about debts will be relieved, and you will be able to get started on your journey to a debt-free life.

The debt review process may not be a quick fix, but you will eventually pay off all your debt.

Approach only NCR accredited Debt Counsellors and/or their companies
Now that you have a clear understanding of what to anticipate during the debt review process as a debt relief solution, it is crucial to keep in mind that if you have any enquiries, you should approach a company that is accredited and registered with the NCR (National Credit Regulator).

Payment of the monthly installment
Avoid making any deposits into the business account of the debt counsellor. The debt counsellor will furnish you with the banking details for an account opened under their company's name, though at the NCR accredited distribution company. This is the only account where the monthly consolidated installment must be paid.

Complete and sign a Debit Order Mandate
It is beneficial to complete a debicheck debit order mandate to ensure that the payment reaches the NCR-accredited distribution company's established account for the debt counselling company in question. This ensures that the funds are received by the designated NCR-accredited distribution company, not the personal or business accounts of the debt counsellor(s) in question.

How long will it be before my debt is paid in full?
It really depends on how much debt you have and how much you're paying each month. While it's true that the monthly instalment will be lower and the interest rates ought to decrease, it's important to note that the duration can vary from 3 to 5 years, and sometimes even longer. According to the National Credit Act, the debt review period cannot exceed 5 years.

Cancellation of Debt Review
However, remember that you can only cancel the debt review once you have fully paid off the debt. Should you fail to settle the debt within the 5-year period, the system will automatically prolong the period until you have paid off all debts.

Conclusion
We trust that this article, 7 x Debt Review Expectations, helped you grasp the basic concept of the debt review process and how you can benefit from it. However, we do recommend that, should you consider following this process, you instead communicate with one of our debt relief experts to assist you in a formal evaluation of your finances to determine whether debt review is indeed the ideal debt relief remedy for your specific financial situation.

CureDebt, a debt relief expert, offers a comprehensive range of debt relief solutions under one roof. This is advantageous for you. Our esteemed debt solution experts will provide you with expert advice regarding your financial situation, and the evaluation and consultation are free. 

This could help you reach an informed decision regarding your current financial situation. Your inquiry will not result in any punishment or listing at the credit bureaus, making it a secure process to identify the most appropriate debt relief solutions for your particular financial circumstance. 

It's worth mentioning that the criteria for applying for debt review vary, based on the circumstances in question. It's beneficial to speak with an NCR-accredited debt solutions expert before proceeding with any debt relief solution. 

Our Debt Solution Experts will assess your specific circumstances and provide advice on whether debt review is the best debt solution for you.  At Cure Debt, all assessments are FREE.

However, it is always better to contact one of our bankruptcy experts to assist you with a free assessment and consultation to ensure you understand the implications of such an application, including all its advantages and disadvantages.


Important to remember:

Why cure debt?
Cure Debt is the ultimate debt relief solution to your unique debt problem.  With a proven track record, we are proud to say that we can help you become debt-free.