When an individual is undergoing the process of debt review removal, a common question that arises is whether creditors can take legal action to recover outstanding debts. The answer to this is not straightforward and depends on several factors. Creditors might still have the right to pursue legal action if they have legitimate reasons. For instance, if the individual under debt review has breached a court order issued during the debt review process, creditors may be legally justified in taking action to recover their money. Similarly, if the debt review process is terminated, creditors may a ..read more

A Debt Counsellor, also known as a credit counsellor, is a professional who plays a crucial role in assisting individuals in managing their debts and improving their financial situation. They provide a range of services that are designed to help individuals regain control over their finances and work towards a debt-free future. Debt Counsellors provide personal and confidential money management advice tailored to the individual’s unique financial situation. They help individuals understand their financial position, identify areas where they can cut back, and create a budget that allows them ..read more

Does it affect their credit report? When a debt review is removed, the implications for an individual who co-signed on a debt, such as a spouse or family member, can vary depending on the specifics of the debt agreement. If both parties jointly applied for the debt review, as in a marriage in community of property, the removal of the debt review will apply to both parties. This means that the debt review listing will also be removed from the co-signer’s credit report. The joint application is treated as one entity during the debt review process. After the debt review listing is removed, the d ..read more

If an individual is seeking to exit a debt review program but doesn’t meet the full criteria for debt review removal, there are alternative solutions available. However, these alternatives come with their own set of challenges and consequences, so it’s important to consider them carefully. One such alternative is Sequestration. This is a formal insolvency process that is overseen by the Master of the High Court. The process involves surrendering your estate’s assets to a trustee. The trustee then distributes these assets proportionally among your creditors in order to settle your debts ..read more

After the removal of a debt review and with consistent responsible financial management, the time it takes to see a significant improvement in one’s credit score can vary. This is due to several factors that influence the improvement of a credit score. One of the key factors is repayment behavior. Consistently making payments on time can significantly improve your credit score. This is because payment history is a major component of credit scoring models. Late payments or defaults on loans can negatively impact your score, while a history of on-time payments can help boost it. Another im ..read more

A history of debt review or the removal process should not directly restrict your ability to travel internationally. Debt review is a legal process aimed at helping individuals manage their debts more effectively. It does affect your credit record and your ability to access further credit while under review, but it doesn’t typically impact international travel. Got More Questions? We have gathered the most frequently asked questions about exiting debt review here. Book your Free Consultation with The National Debt Review Center COMPLETE THE BELOW DEBT REVIEW REMOVAL FORM TO APPLY F ..read more

When an individual under debt review passes away, the process of debt review removal is handled with utmost care and precision. The first step involves the debt counsellor receiving all necessary documents related to the deceased individual’s financial situation. Once these documents are in hand, the debt counsellor will update the status code to ‘I – Consumer deceased’. This status update is a crucial part of the process as it officially acknowledges the individual’s passing in the context of their debt review. Following this, the debt counsellor takes on the responsibility to ..read more

Q: Can I renegotiate the terms of remaining debt (e.g., interest rates) with creditors after exiting debt review? Negotiating terms with creditors after exiting debt review By The National Debt Review Center Can I renegotiate the terms of remaining debt (e.g., interest rates) with creditors after exiting debt review? Yes, after exiting debt review, you can negotiate with your creditors directly. However, it’s important to note that you will be obligated to revert back to the original terms of your debt. Once your debt review is terminated, creditors have the right to take legal action t ..read more

Q. Does debt review removal impact future business loans? A. Debt review removal itself should not directly hinder your eligibility for future business loans in South Africa. Here’s why: By The National Debt Review Center Lenders primarily assess your current financial situation, including income, existing debts, and business viability, when considering a business loan application. Once debt review is successfully removed, your credit report ideally shouldn’t explicitly mention your past involvement. This means the debt review history wouldn’t be a direct negative factor. However, there ar ..read more

Q. What are the after effects of debt review? A. Debt review in South Africa has both positive and negative after effects. Here’s a breakdown of what to expect. By The National Debt Review Center Positive After Effects of Debt Review The most significant benefit is being free from the burden of overwhelming debt. This leads to reduced stress, anxiety, and a sense of accomplishment. Debt review enforces budgeting and responsible debt repayment habits. These skills can be applied after the program to manage finances effectively. After a period (usually a few months), you’ll be able to apply f ..read more