Advantages of Debt Review: One of the Major Pillars of Debt Managementby Alfie Davies Financial Manager
Debt review is a generally known as a major
part of debt-management, introduced by The National Credit Act (NCA) in 2007.
It is also known as debt counselling that provides the strategic solution to
the clients who are struggling to manage their debts.
review is a necessary process of debt management that assesses a customer’s
outstanding debts to provide strategic solutions to the customers. In South
Africa, there are several companies that offer debt therapy services.
Debt review provides proper guidelines to
the people who are deeply immersed in debts. Debts can lead to severe financial
complications and anxiety, so it is always advisable to choose a good guide who
can provide you systematic debt management and debt repayment solutions.
This article here aims to describe some
advantages of debt review. Below are
some detailed illustrations:
1. As discussed earlier, debt often leads
to stress and anxiety and some other harmful consequences. If you cannot manage
your debts related to house, car and credit cards, the only option is data
review. This process of debt review was introduced in 2007 by National Credit
Act to benefit the persons who are struggling with debts, by providing them
proper debt counselling.
2. The key advantage of debt review lies in
the fact that it prevents your assets from being repossessed by your credit
3. The most important benefit of debt
review is that your credit profile will be enlisted at the bureaus. In this
way, the risk of getting further into debt is reduced. The enlistment will be
removed once you have made payments of all your debts.
this debt review works
I. You should find a proper guide or debt counsellor
who can provide you proper direction regarding debt management and debt
ii. You must show your pay slip, your id
documents and all your monthly repayments to the debt counsellor.
iii. All the debt counsellors are regulated
by National Credit Regulator with the strict guidelines that ensure that their
clients are protected from any kind of legal actions.
iv. A regular inspection is also conducted
on the debt counsellors only to ensure that they stay within the guideline set.
v. A client’s over-indebtedness is resolved
by the administration order prior to the new credit act.
Created on Jan 12th 2018 02:29. Viewed 684 times.