DebtLite Solutions
Debt Review2024-10-17T13:22:48+02:00


Understanding Debt Review: Your Path to Financial Stability

Experience the relief of a tailored debt management plan designed just for you.

  • Reduced Monthly Payments

  • Protection from Creditors

  • Asset protection

Mark W

Thanks to the incredible team at DebtLite, my monthly payments dropped R2,500 with 0% interest!

The journey to financial freedom starts with a single step. We’re here to walk with you.

Accountability

Taking responsibility for actions and ensuring clients receive the best possible service.

Transparency

Open and honest communication with clients about their financial situation.

Knowledgeability

Continuously expanding expertise to provide clients with the best financial solutions.

Ethical Practices

Adhering to ethical standards and practices in all financial dealings.


Debt Review Process
Step-by-Step to Financial Stability

Imagine a life free from the burden of debt. Our Debt Review process is your lifeline to financial freedom, offering personalized solutions that reduce your monthly payments and protection from creditors legal action. Let us walk this journey with you, bringing peace of mind and a brighter financial future.

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Financial Health Check

This initial step involves gathering all your financial documents, including income statements, expenses, and details of your outstanding debts.

Our debt counsellor will review your financial health to determine if debt review is the right solution for you.

Based on the assessment, the debt counsellor will create a customized debt repayment plan.

This plan aims to reduce your monthly payments to an affordable level while ensuring that all your debts are addressed

The debt counsellor will negotiate with your creditors to agree on new terms for your debt repayment.

This may include lower interest rates and extended repayment periods to make your monthly payments more manageable

Our debt counsellor will help you implement the agreed-upon repayment plan. This involves setting up a payment schedule and ensuring that payments are made on time.

We will also monitor your progress regularly to ensure that you stay on track and make any necessary adjustments to the plan.

With your new repayment plan in place, you can focus on living your life without the constant stress of debt.

Over time, as you make consistent payments, you’ll move closer to financial freedom


Legal Guidelines for Debt Review

Debt review in South Africa is governed by the National Credit Act 34 of 2005 (NCA), which sets rules to protect consumers and credit providers. This groundbreaking legislation has had a significant impact on the credit industry, aiming to protect consumers and credit providers alike by establishing clear rules and regulations.

National Credit Act

The NCA promotes a fair credit marketplace by regulating consumer credit, banning unfair practices, encouraging responsible lending, prohibiting reckless credit, providing for debt reorganization, and managing credit information

Rights of Over-Indebted Consumers

The NCA protects over-indebted consumers, defining them as those who can’t repay their debts after covering basic living expenses. It grants them rights such as protection from unfair practices and access to debt review.

Responsibilities of Credit Providers

Credit providers must ensure fair and responsible lending practices, avoid reckless lending, and provide clear information about credit agreements.

Impact on Credit Score

Debt review affects a consumer’s credit score, limiting access to new credit during the process but potentially improving the score after successful completion.

Legal Protections and Consumer Rights

The NCA provides protections such as protection from harassment, the right to fair treatment, and access to clear information about credit agreements and the debt review process.

Household Debt Growth

Household debt in South Africa has grown significantly, with an average annual increase of 5.2%, reaching R2.783 trillion by mid-2023. This growth is driven by rising living costs, increased access to credit, and economic pressures.

40% Over-Indebtedness

Over-indebtedness is a significant issue in South Africa, with approximately 40% of credit-active consumers struggling to meet their debt obligations. This situation is exacerbated by high un-employment, low wages, and rising living costs.

Consultation Graphs


Common Questions About the Debt Review Process

What is Debt Review? 2024-09-06T12:03:58+02:00

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

How does Debt Review work?2024-09-06T12:04:20+02:00

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.

Who qualifies for Debt Review? 2024-09-06T12:04:33+02:00

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

How long does the Debt Review process take?2024-09-06T12:04:47+02:00

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.

Will I be blacklisted if I am under Debt Review?2024-09-06T12:05:02+02:00

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.

Can I apply for new credit while under Debt Review? 2024-09-06T12:05:15+02:00

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

What happens if I miss a payment during Debt Review? 2024-09-06T12:05:27+02:00

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.

How does Debt Review affect my credit score? 2024-09-06T12:05:37+02:00

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.

What happens after I complete Debt Review? 2024-09-06T12:05:49+02:00

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.

Can I exit Debt Review before completing the process?2024-09-06T12:06:01+02:00

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

What is over-indebtedness?2024-09-16T08:58:43+02:00

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.


“I recommend this company to anyone that is being over indebted with his/her accounts, because they assist me with any problem immediately if I just make one phone call. I’m happy to be the part of this team so far”

Camilla T

Your journey to financial freedom starts here. Reach out now and take control of your future!

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Aniele Siphiwe

Senior Financial Consultant