What is Debt Review ?

Many South Africans are struggling with debts these days, and it can be a stressful time for consumers. If you can’t meet your financial commitments, it can cause a serious amount of problems. Bad debt can have a negative impact on your credit score, which, in turn, can lead to exclusion from borrowing. Not only that, but it can also affect your chances of getting a job, and even renting a home from a landlord. One of the best solutions for South Africans struggling with debt is to enter counseling or review. But what is debt review, and how does debt review work? We have years of experience to draw from here at Review King, and count ourselves amongst the best in the business. So, we thought we would take this opportunity to share our expertise and reveal some of the key points of the debt review process.

The debt review definition is simple enough. It is a debt solution, also known as debt counseling, for South African consumers who have fallen on hard financial times. The impact of bad debt can have a severe impact on the lives of anyone affected. The debt review process was put in place to offer some protection against the long-term effects.

According to the debt review meaning and rules, a review is only available to those who can be described as ‘over-indebted’. In simple terms, if you owe more money than you can afford to pay back, you will be eligible for a debt review. The debt review solution also has strict guidelines that protect their client’s wellbeing. Rest assured; Review King takes these ethical guidelines very seriously. We have spent years working with them to develop our first class reputation.

But what happens within the debt review process? When you work with Review King, our team of registered counselors will help you devise a workable monthly budget and repayment plan. We will ensure you have enough money kept aside for general living expenses. These will include money for food, bills, school costs, and other things you need to lead a sustainable lifestyle. In short, you only pay back what you can afford, and we will only recommend you make your repayment plan with ‘spare’ money.

The debt review process also gives you a lot of protection. Under the National Credit Act (NCA), lenders will no longer be able to hassle you for money. Debt review can also help you avoid any legal action being taken against you. Debt review will set up a monthly payment, which is divided up into smaller chunks, with every creditor getting their share.

At Review King, we are proud of our reputation as one of the best debt counseling services in South Africa. We endeavor to give our clients all the help and support they need to get back to financial security. If you are concerned about debt problems, don’t hesitate to give us a call. The sooner you contact us, the quicker we can help you come up with the right solution.