Debt review is the process whereby a debt counsellor assesses client’s outstanding debts, consults with credit providers on the client’s behalf and assists the client in establishing an affordable monthly payment plan that incorporates both earning and living expenses. Debt review requires clients to make one monthly payment, which is then divided and distributed to all the clients’ credit providers.
The National Credit Act introduced the formal debt rehabilitation program, debt review, in order to prevent consumers from being placed into personal administration and having to deal with the long term effects.
Consumers that are classified as over-indebted will qualify for debt review. However, consumers in need of the debt solution must also be employed and earning an income.
“All Debt Solutions” debt review process is aimed at ensuring clients are debt free within a period of five years, and thereafter able to manage their finances efficiently.