Debt Review
Are you struggling to pay your debts in South Africa? Debt review may be the solution you need. Debt review is a process that allows individuals who are experiencing financial difficulties to work with a debt counsellor to create a plan to pay off their debts.
The debt review process is a straightforward and efficient way to manage your debt. Here's how it works:
- You contact a debt counsellor, who will assess your financial situation and provide guidance on the best course of action.
- The debt counsellor will work with you to create a debt repayment plan, which will outline the amount of money that can be paid towards debts each month.
- The debt counsellor will then contact your creditors to negotiate a restructured payment plan.
- Once the debt repayment plan is in place, you will make payments to a Payment Distribution Agency (PDA), which will then distribute the funds to your creditors.
How long does debt review last
The debt review process in South Africa typically lasts between 36 and 60 months. During this time, you will be required to make regular payments to the PDA, which will be distributed to your creditors.
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