Debt Review or Debt Counselling is a process in terms of the National Credit Act, Act 34 of 2005, where a consumer who is over indebted (struggling to maintain monthly debt repayments) applies through a registered Debt Counsellor to assist him / her in reducing their monthly repayment amount.
According to the latest Statistics from the National Credit Regulator, up to 10 million South Africans are in arrears with their debt repayments.
During the Debt Review process, the Debt Counsellor will negotiate a reduced installment and interest rates with your credit providers. The new agreement will be referred to a Magistrate Court to be made an order of the court for the consumers protection
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