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What is debt review?

All you need to know about the debt review process

The debt review process in South Africa, also known as debt rescue or debt counselling, offers debt solutions for those who are over-indebted, debt stressed, and struggling to manage their finances. Since it was introduced in 2007, debt counselling in South Africa has changed thousands of lives for the better, rescuing over-indebted and debt stressed households from the brink of financial ruin.

If you are not able to make your monthly payments, your bills are piling up and you don’t have enough money left to live on, then debt counselling is your best option. Debt review will allow you to structure your budget and enable you to repay your debt under the protection of the National Credit Act (NCA) – not only reducing the effects of stress but also the long-term consequences of being harassed by Credit Providers who want to collect their debt.

How does debt counselling work?

Debt counselling will help to ease your burden of debt and provide you with immediate financial relief, leaving you with more money to cover your basic living costs. As part of the debt review process, Debt Counsellors have to follow very strict, ethical guidelines when assisting you with gaining your financial freedom. 

Through the process of renegotiating lower interest rates with credit providers and extending repayment terms, your Debt Counsellor will create a new affordable monthly budget and debt repayment plan on your behalf. 

Important facts about the debt review process in South Africa:

– The aim of debt counselling is to repay your debts in a structured way
– Debt counselling does not provide you with a payment holiday
– You must make payments every month from the first month you apply
– During the debt repayment period your name will be listed with the Credit Bureau as being under debt review 
– During the debt review period you will be unable to take on new debt
– Once the process is completed you should be able to access responsible, new debt if required

Octogen debt solutions

At Octogen, we follow a 7-step process to financial wellbeing. 

1. Provide your details
2. Debt assessment
3. Create new budget
4. Negotiate with credit providers
5. Approval of payment proposa
6. Implement new payment plan
7. Post debt repayment

Our trained Debt Counsellors are registered with the National Credit Regulator (NCR) and the Debt Counsellors Association of South Africa (DCASA), and have signed the Industry Code of Conduct. Confidentiality and integrity form the cornerstone of our service.

With our debt solutions, we can help you free up more money every month while protecting your assets from being repossessed, as the debt review process prevents credit providers from taking legal action against you to reclaim their costs.

Our goal is not only to help you get out of debt, but to improve your financial position and assist you in entrenching healthy habits to support long-term financial wellness while enjoying a comfortable debt-free life.