Debt Review Removal Attorneys in Pretoria
In these difficult economic circumstances, you may find yourself in a position where you are unable to pay your debt especially when it’s over R50,000. To help recover from your over-indebtedness, you may consider debt management in the form of a debt review.
Debt review is a way of managing over-indebtedness by making an application to the court in terms of section 86 of the National Credit Act 34 of 2005 (hereinafter the NCA).
A debt counsellor has to consider the financial position of a consumer by the prescribed form, after which he/she may declare the consumer over-indebted. This is followed by an application made at court to place the consumer under debt review by means of a court order.
Such an order entails that the repayment instalments of the consumer’s debt to his/her creditors are restructured to be more affordable. Consequently, the repayment period is extended and settling said debt will take considerably longer. Creditors will not be able to sue the consumer after receipt of a notice of an application of debt review.
It is important to be aware that just like with anything else, there are pros and cons with debt review applications hence it is best to call us if you have debt over R50,000 and are unable to make payments.