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Debt Review is a legal process designed to help over-indebted consumers manage and reduce their debt through structured, affordable repayments.

A debt counsellor assesses your financial situation, negotiates with your creditors to lower your monthly payments and interest rates, and consolidates your debts into one manageable payment.

Anyone who is over-indebted and struggling to meet their monthly debt obligations can apply for Debt Review.

The duration varies depending on the amount of debt and your repayment capacity. It typically lasts until all your debts are paid off under the new terms.

No, you will not be blacklisted. However, a flag indicating you are under Debt Review will be placed on your credit record, which will be removed once you complete the process.

No, you cannot apply for new credit while under Debt Review. This is to ensure you focus on repaying your existing debts.

Missing a payment can jeopardize your Debt Review agreement. It’s crucial to make all payments on time to maintain the protection and benefits of the process.

While under Debt Review, your credit score may initially be affected. However, as you make consistent payments and reduce your debt, your credit score can improve over time.

Once you have paid off all your debts, you will receive a clearance certificate. This certificate will be sent to credit bureaus to update your credit record, removing the Debt Review flag.

Exiting Debt Review before completing the process is possible but not recommended, as it may leave you vulnerable to legal action from creditors.

Over-indebtedness occurs when a person or business has more debt than they can manage with their current income, making it difficult to meet financial obligations. This often leads to financial stress and the need for debt management solutions like debt review.