What is a Debt Review?
Debt review is a formal legal process that helps over-indebted consumers who are struggling to meet their monthly debt obligations.
Top Debt Review Companies In South Africa
Below are some of the Top Debt Review Companies.
Debt Rescue
Debt Rescue can provide you with a deal that is according to your unique circumstances. In only five simple actions, you can go from being in debt to being on your way to becoming debt-free. For three years in a row, this debt consolidation organization has maintained its position as one of the best in the business when it comes to debt review.
Zero Debt
Zero Debt is another popular option in South Africa that helps people transition from being overindebted to being debt-free in a hassle-free manner. Zero Debt helps clients develop a tailored repayment plan that is not only affordable but needs very little maintenance.
Debt Sage
One of South Africa’s leading debt management firms, Debt Sage, has a proven track record in helping people pay off their debt in a cost-effective manner. Additionally, it is an open and honest debt assessment organization that aims to assist its customers to improve their financial situation.
Debt Busters
Debt Busters is a leading South African debt counselling company that is a member of the National Credit Counsellors’ Association, registered with the National Credit Regulator (NCR), providing many South Africans affordable legal fees and NCR-approved debt counselling.
How many debt review companies are there in South Africa?
This is according to DebtBusters’ Q3 2022 Debt Index. More than 1 400 debt review companies in South Africa are registered with the National Credit Regulator.
Does debt expire in South Africa?
A prescribed debt is, to put it simply, an obligation that has essentially “expired.” Usually, debt is said to have been prescribed when three years have passed and the creditor or debt collector has not filed any legal action or requested payment of the outstanding balance.
How long does debt review last in South Africa?
How long the debt review process lasts depends on a number of things, such as the amount of debt that you have and how much you can afford to repay, amongst others. Typically, it takes 36 – 60 months to complete the process, be declared debt-free, and get your clearance certificate.
What happens if I stop paying debt review?
Depending on the frequency or amount, you may be subject to legal action from your creditors and even have your debt review court order completely terminated if you can’t pay your debt review repayment or miss your monthly debt instalment. In some instances, additional legal fees may also be included.