Embedded Files
Debt Review
If you are over-indebted and falling behind with your debt repayments, debt review can protect your assets by arranging a structured, affordable repayment plan for your outstanding debt.
A debt solution company consolidates all your debt into one monthly payment and reduces your interest rates, based on your circumstances. This debt protection forms part of the National Credit Act. Credit providers cannot take legal action against you if you go under debt review. This means that aside from the protection of your assets, you will also end up paying less for your debt on a monthly basis. All fees will be included in your reduced monthly payment.
Make the smart choice and request a call back today.
In these difficult economic circumstances, you may find yourself in a position where you are unable to pay your debt especially when it’s over R50,000. To help recover from your over-indebtedness, you may consider debt management in the form of a debt review.
A debt counsellor has to consider the financial position of a consumer by the prescribed form, after which he/she may declare the consumer over-indebted. This is followed by an application made at court to place the consumer under debt review by means of a court order.
Such an order entails that the repayment instalments of the consumer’s debt to his/her creditors are restructured to be more affordable. Consequently, the repayment period is extended and settling said debt will take considerably longer. Creditors will not be able to sue the consumer after receipt of a notice of an application of debt review.
It is important to be aware that just like with anything else, there are pros and cons with debt review applications hence it is best to call us if you have debt over R50,000 and are unable to make payments.
Google Sites
Report abuse