Thinking About Debt Review? Here’s What You Need to Know.
If you’re feeling overwhelmed by debt, struggling to keep up with repayments, and not sure where to turn, you’re not alone. Debt review is a structured legal process designed to help people in exactly this situation. It’s not an easy decision, but it could be the fresh start you need.
What is Debt Review and How Does It Work?
Debt review (or debt counselling) is a way to restructure your debt into one affordable monthly payment, allowing you to cover essential living expenses while paying off what you owe. A registered debt counsellor will:
• Assess your financial situation to see if you qualify.
• Negotiate with your creditors to reduce your monthly instalments.
• Create a repayment plan that works for your budget but also be reasonable towards your credit provider.
• Ensure legal protection – creditors cannot take legal action against you once under debt review.
• Help you become debt-free by guiding you through a structured repayment plan.
You’ll make one combined payment to a Payment Distribution Agency (PDA), ensuring your creditors are paid according to the agreed plan. Once all your debt is settled, you’ll receive a clearance certificate, restoring your financial freedom.
How Debt Review Can Help You:
Stops creditor harassment – No more threatening calls or letters.
Makes your debt manageable – Your repayments are adjusted to what you can realistically afford.
Prevents legal action – Creditors cannot take you to court while you’re under debt review.
Gives you a clear path to financial freedom – With the right commitment, you’ll have a debt-free future.
Things to Consider:
You can’t take on new credit while under debt review – but this helps break the cycle of debt.
It requires commitment – It’s not a quick fix, but a structured way to get back on your feet.
It takes time – The length of the process depends on how much debt you have and how much you can afford to repay.
Is Debt Review Right for You?
Choosing debt review is a big decision, but it’s one that can give you peace of mind and a realistic way forward. If you’re struggling with debt, remember you are not alone, and help is available.
If you need guidance or just want to talk about your options, reach out – we’re here to help.