Are you struggling with debt?
There is a system inSouth Africathat helps people struggling to meet their debt obligations.
This will help you manage your repayment arrangements and reduce the monthly payments to a manageable amount.
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The system can only be used by consumers registered with a National Credit Regulator (NCR).
If you meet these requirements, you should learn how to peek if your name is under debt review.
To do this, you should learn about the debt review process, which is quite simple.
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Debt review is the process of helping over-indebted South Africans to manage and clear their debts.
The process was introduced by the National Credit Act (NCA) to assist people in becoming debt-free.
How does debt review work?
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A registered debt counsellor assesses an individual’s outstanding debt.
After conducting a debt review, the counsellor comes up with astructured planfor repayment.
The counsellor may renegotiate interest rates with loan providers or request an extension of the repayment period.
A shocked man in a checkered shirt is looking at a piece of paper held by a calm woman. Photo: pexels.com, @Mikhail NilovSource: UGC
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The agency then pays all the parties owed.
This reduces the mental anguish and stress of trying to keep up with multiple repayments.
Simply put, registered debt counsellors are debt rescue professionals.
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For most people, it takes between 36 and 60 months to be declared debt-free.
How do you clear your name under debt review?
you’re able to take your name off by repaying everyone you owe.
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Thereafter, you’ve got the option to get a clearance certificate.
How do you find out if you have debt in your name?
you’re able to check your debt status by visiting a credit bureau and requesting a report.
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This will not cost you anything.
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How long does debt review last?
Debt review lasts until you repay everyone owed.
Some people clear their debts faster than others, so they get clearance certificates sooner.
Can you get a loan if you are under debt review?
No, if you are under debt review, your loan software will be rejected.
you could access loans once you repay everything owed and get a clearance certificate.
How do you check your debt review status online in South Africa?
Usually, people check their status free of charge by visiting any credit bureau in South Africa.
This knowledge will help you keep your financial status in check.
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He graduated from the University of Nairobi (2017) with a Bachelor’s in Information Technology.
In 2023, Bennett finished the AFP course on Digital Investigation Techniques.
He has worked for Briefly.co.za for six years now.
He specializes in topics like technology, entertainment, travel, lifestyle and sports.
you could reach him via email at bennetyates@gmail.com.
She holds a Diploma in Mass Communication and a Bachelors degree in Nutrition and Dietetics from Kenyatta University.
Cyprine joined Briefly.co.za in mid-2021, covering multiple topics, including finance, entertainment, sports, and lifestyle.
In 2023, she finished the AFP course on Digital Investigation Techniques.
She received the Writer of the Year awards in 2023 and 2024.
In 2024, she completed the Google News Initiative course.
Email: cyprineapindi@gmail.com
