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Debt Review

Debt Review was introduced by the National Credit Act to help consumers with too much debt and those not keeping up with their living costs. The process combines all your debt obligations into one and immediately improves your cash flow position.

Are you struggling with:

Finacial Stress

Debt, anxiety & financial stress?

Elevate

Payments and accounts that are in arrears?

Elevate

Creditor harassment calls & threats.

The Benefits of trusting CreditSmart’s NCR-Registered Process:

  1. Immediately improves your cash flow.
  1. Pay only one single and affordable monthly instalment.
  1. Significant reduction of debt repayments and interest rates, saving you thousands.
  1. Personal and dedicated Debt Advisors to guide and assist you throughout the process.
  1. Debt Review prevents credit providers from harassing you for money all the time.
  1. We make provision in your budget for the important things in your life.
  1. Pay only what you can afford.
  1. We talk to your creditors on your behalf while you relax.
  1. Protection against legal action by your creditors.
  1. Protection for your assets while you repay your debt.

Our Debt Review Journey Map for your Success!

 

Frequently Asked Questions

How Does CreditSmart's Debt Review Process Work?
When under Debt Review, your debt is consolidated into a single, manageable repayment plan. CreditSmart’s team will negotiate with your creditors to create a plan that fits your budget while covering essential expenses like school fees, food, and rent. Our approach, regulated by the National Credit Regulated (NCR) and in line with the National Credit Act – sanctioned through a Court Order, offers legal protection against creditor actions. After completing the process, you’ll receive a Clearance Certificate (Form 19), and we’ll notify the credit bureaus to remove the Debt Review flag and default listings from your profile.
Can Creditors Take Legal Action or Repossess My Property While Under Debt Review?

As long as you adhere to your Debt Review repayment plan, creditors cannot take legal action or repossess your assets. If you experience harassment or threats from creditors, follow these steps:

  1. Document all instances of harassment.
  2. Direct creditors to contact CreditSmart.
  3. Report the issue to your CreditSmart Debt Counsellor, who will handle the situation for you.

For vehicle repossession, do not sign a voluntary surrender document or hand over your vehicle under duress. Repossession is only legal with a Warrant of Delivery issued by the Sheriff. Contact your appointed Debt Counsellor immediately if you encounter any issues.

What Should I Do If I Lose My Income While Under Debt Review?
It’s crucial to have CreditCover™ (Credit Linked or Credit Life Insurance) to protect against income loss. Speak with a CreditSmart expert to understand the benefits of CreditCover™ and the claims process, ensuring you remain covered even if your financial situation changes.
Who Oversees the Credit Industry in South Africa?
The National Credit Regulator (NCR) is the governing body for the South African credit industry, established by the National Credit Act No. 34 of 2005. The NCR ensures the credit market remains accessible and fair, especially for vulnerable and low-income individuals. It regulates credit bureaus, credit providers, and debt counsellors to ensure compliance with the Act.
What is a Form 16?
Your CreditSmart Debt Counsellor will use your Debt Review Application Form, along with supporting documentation, to verify if you qualify for the Debt Review process as well as your details to develop the best repayment plan for you.

What Our Clients Say

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