From Overwhelmed to Empowered: How Debt Review Helps

 

If you're finding yourself constantly juggling bills and struggling to make ends meet while creditors are breathing down your neck, don't despair. Debt review in South Africa - established under the National Credit Act — eases the financial strain of your obligations and offers a way out.

 

Debt review in South Africa (more formally known as ‘debt counselling’) is a legal route designed to support people who are drowning in financial stress. During this process, a registered debt counsellor will take a close look at your financial situation and come up with a repayment plan that makes sense for you and your creditors.

 

A real-life example of debt review in South Africa can change your life:

 

Meet Thato. He was dealing with debts totaling R60,000 across credit cards and a personal loan, and his monthly repayments are eating up more than half his take-home pay. This situation has left him with barely enough to cover basic living expenses - and worse, his mental health is suffering from being constantly worried about legal troubles.

 

After enrolling in debt review, a personalized plan brought his monthly payments down from around R4000 to R2354. This adjustment made it possible for him to comfortably manage his debt and everyday costs. By sticking to his new plan, Thato eventually wiped out his debt and received a clearance certificate.

 

Benefits of choosing debt review in South Africa

 

·        Once you start your debt review journey with a registered company, creditors can't initiate legal actions like repossessing your assets as long as you keep up with the revised payment plan.

·        Your debt counsellor will work to reduce your monthly payments, making it easier for you to handle your debts alongside your living expenses.

·        This process also lets you manage your debts without the risk of losing essential assets like your home.

 

Debt review takes around 2 to 5 years, but it's worth it to regain control of your finances and clean up your credit record. Note that you won't be able to take on new credit while under debt review, and you'll be marked as such at the credit bureau.

 

Start your debt review with FindBetter

 

FindBetter.co.za can help you consolidate your debts into one loan with a much lower interest rate. You may be able to save up to 65% on your debt repayments with one consolidated payment.

Source: https://findbetter.co.za/from-overwhelmed-to-empowered-how-debt-review-helps/

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