PERIOD OF DEBT REVIEW

Debt review, also referred to as debt counselling, is a helpful tool for individuals and couples to manage their finances. It's understandable that many South Africans have questions about the debt review period and how it will affect their lives. Becoming debt-free is a process that takes time.

Remember, you didn't wake up one morning and suddenly find yourself overwhelmed with debt? We understand that it appears that way, but it takes some time to get there. It happened gradually. Therefore, it logically follows that the debt review process is not a quick fix. Instead, it is a process. It naturally makes sense that becoming debt-free will take time.

Numerous factors influence the length of the Debt Review Period. One of the greatest factors to take into consideration is unequivocally the amount of the total debt and how much you can afford to repay.

The debt review process takes between 3-5 years to be completed. The client will be certified debt-free and receive a clearance certificate. But unfortunately, we don’t live in a perfect world, and with the interest rate increases and job losses, not to mention COVID-19 and the disruptions it created in our economy, it is fair to state that it’s rarely only 3 – 5 years.

There are several debt relief solutions available under South African law. The key to finding a service provider is to find a company that specialises in debt relief solutions and not only debt review. Cure Debt is one such company. We specialise in all debt relief solutions provided in South African law and can provide you with the best advice pertaining to your specific financial situation.

As with every business, they don’t make money if they don’t sign the client. The consultant will not be able to provide you with any advice on any other debt relief solution, apart from the one service they deliver, in this instance, debt review. They will do anything in their power to sign the client.  

Therefore, they are not acting in the best interests of the enquirer. When the debt is too high and the income too low to settle the debt in 3 – 5 years and the debt review period is going to be longer than 3 – 5 years, you should consider alternative solutions to rid yourself from your debt.

A debt relief specialist is in individual or company specialising in debt relief solutions in South African Law. They will be able to provide you with all debt relief options available in South African Law. As well as the pros and cons of every process. Because you have access to all the debt relief solutions under one roof, you’ll be able to make an informed decision about your financial situation and become debt free sooner rather than later.

Professional debt counsellors have been certified by the National Credit Regulator and must adhere to strict ethical standards when working with clients. If the individual or company is registered with the NCR, you will be able to find them on their database.

The time it takes to obtain a debt review clearance certificate varies depending on the individual. Your counsellor will provide your clearance certificate as soon as you finish paying off all your debt. Periods of Debt Review vary, and therefore, a specific timeline cannot be provided.

The National Credit Act of 2014 requires that your debt review clearance certificate be issued within seven days of the last debt payment.