Debt review (debt counselling) is a formal legal process that restructures your debt repayments if you are over-indebted. While under debt review, creditors cannot take legal action or repossess assets.
Governed by Section 86 of the National Credit Act 34 of 2005. A registered debt counsellor assesses your financial position and negotiates a restructured repayment plan. A court order is obtained and creditors are notified. Debt review ends when all debts are paid or the consumer demonstrates they are no longer over-indebted.
You cannot meet all your monthly obligations. You apply to a registered debt counsellor. After assessment, the court grants a debt restructuring order. Creditors cannot sue or repossess while you comply.
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