Debt Review
Struggling to keep up with your monthly debt repayments? You’re not alone, and support is available.
Debt Review, a process regulated by the National Credit Act, can help ease the pressure by restructuring your debt into more manageable payments.
Complete the Call Me Back form and one of our dedicated agents will contact you to explain how the process works.
How Debt Review works
What is Debt Review?
Debt Review is a legal process that was introduced by the National Credit Act to assist with the rehabilitation of financially distressed consumers.
The process is facilitated by a registered debt counsellor who will assess a consumer's finances and develop a repayment plan to present to credit providers.
To find your nearest debt counsellor, please visit the National Credit Regulator’s website.
What happens if I start Debt Review?
- Once you’re in Debt Review, you can’t access or apply for new credit
- You’ll be listed at the credit bureau as being under Debt Review
- You’ll be liable for paying any debt counselling fees due to your debt counsellor
- You’ll still need to pay monthly instalments for your credit agreements
- Your debt counsellor will facilitate the debt counselling process for you with your credit providers
Who can apply for Debt Review?
- If you’re unable to meet your monthly debt obligations
- If you earn a monthly income
- If you’re married in community of property, your spouse will have to agree to go under Debt Review too
Can you help me with my debit orders?
If you’ve been accepted for Debt Review, you can email us on [email protected] for assistance with debit order activation, amendments and debit order cancellations.
How does the Debt Review process work?
1. Apply for Debt Review
Contact a registered debt counsellor (DC) of your choice from the National Credit Regulator and complete an application.
2. Credit providers
are notified
are notified
Your debt counsellor informs all your credit providers and the credit bureau that you have applied for Debt Review.
3. Your debt is assessed
Your credit providers share your account balances with the debt counsellor, who then assesses whether you are over-indebted.
4. A new payment
plan is created
plan is created
If you are over-indebted, the debt counsellor works with your credit providers to negotiate a more manageable repayment plan..
5. Your debts are restructured
If the payment plan is accepted, your debts are restructured according to the new agreement.
6. A court order confirms the plan
The repayment plan is made official through a Debt Review court order.
7. Make your new monthly payments
You must pay according to the new restructured repayment plan.
8. Receive your clearance certificate
Once all your debt obligations are settled, your debt counsellor issues a clearance certificate.
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