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“BECOME DEBT FREE”

Let us show you how debt review can lead you to financial freedom

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What is Debt Review

The Debt Review process was introduced in 2007 with the National Credit Act (NCA).

Debt Review is the process in which a consumer’s outstanding debt is restructured into a single repayment plan.  A consumer must be vetted first in order to establish if they qualify for the process.  The consumer must be overindebted meaning that after their household expenses are deducted from their income the surplus is not sufficient to cover the full repayments to creditors. Once the Debt Counsellor establishes that the consumer qualifies for the process, he/she will renegotiate the interest rates and repayment periods with the consumers creditors. The new amounts will be reduced and be more line with the consumers current affordability.

The consumer will then make only one monthly debt repayment to a payment distribution agency, which will then pay all the clients credit providers.

Most important to remember is that when under Debt Review, a consumer is legally protected, and creditors are no longer allowed to hassle you.

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ITC CLEARANCE

Despite the National Credit Act coming into law in 2007 the majority of credit providers take advantage of the consumer’s lack of information regarding their rights. What many consumers do not know is that 99.9% of the time the credit provider is in many aspects non-compliant with the National Credit Act by placing a default listing on the consumer’s credit record.

A consumer might discover that they have a default listing on their record and approach the credit provider to settle the debt with the hope that the listing will be removed. Despite paying the entire amount the credit provider will only updated the listing to show that the account was fully paid.

We can assist you in removing:

  • Judgments
  • Default listings
  • Debt Review Flags
  • Debt Collection Notices
  • Trace Alerts

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