Debt review is a process designed to help individuals who are struggling with debt. It is a formal process that is regulated by the National Credit Regulator (NCR) in South Africa.
The debt review process involves a debt counsellor working with an individual to create a debt repayment plan that is affordable and sustainable.
Once a debt repayment plan has been created, it is submitted to a magistrate’s court for approval. If the plan is approved, it becomes legally binding, and the individual is protected from legal action by their creditors.
However, there may come a time when you no longer need debt review services, and you may be wondering if there is a right time to make use of debt review removal services. There are numerous benefits to removing a debt review from your name, including:
- One of the biggest benefits of debt review removal is that it can improve your credit score. When you are under debt review, your credit score is negatively affected. Once the debt review is removed, your credit score can improve.
- Once the debt review is removed, you’ll have more financial freedom. You’ll be able to take out credit and make financial decisions without the restrictions that come with debt review.
- When you’re under debt review, you are required to pay fees to the debt counsellor. Once the debt review is removed, you’ll no longer have to pay these fees.
Ultimately, the decision to remove yourself from debt review is a personal one, and it depends on your individual financial situation. If you’ve successfully completed your debt repayment plan and are no longer struggling with debt, it might be the right time for a debt review removal. However, if you still have outstanding debts or are struggling financially, it may be best to remain under debt review until your financial situation improves.
If you’re considering debt review removal, it’s important to speak with a qualified debt counsellor or financial advisor. At NDCSA our experts can help you understand the potential risks and benefits of debt review removal and guide you in making the best decision for your financial future.
Contact us at NDCSA today so we can assist you with your debt review removal.