Affect me

How will Debt Counselling affect me?

• Once your Debt Counsellor has notified your creditors of your application for debt review, your creditors will not be able to take legal action against you or repossess any of your assets for a period of three months.

• You will be required to pay a reduced, affordable instalment, without necessarily extending the debt repayment period.

• You will be able to continue to pay for your basic living expenses.

• The fees you pay the Debt Counsellor are included in your repayment plan.

• While you have outstanding debt, you will be listed at credit bureaus as under debt review”, however your creditors may not initiate new black listings against you.

• During the debt review process you will not be able to apply for any additional credit other than debt consolidation loans.

• You will develop a repayment plan with a defined end-date.

• After you have completed the repayment plan you will receive a debt clearance certificate.

• Once you have received your debt clearance certificate, your Debt Counsellor will be able to remove you from your debt review listing at credit bureaus. This will enable you to qualify for credit again.