Can my debt be consolidated into one payment?
Yes, debt review allows for one payment towards a payment distribution agent which is then distributed towards all your credit providers, the amounts are negotiated with your creditors and once acceptances are in place the money will be paid to them on a monthly basis once your debt review payment is received.
Read more about Consolidating your monthly payments into 1 payment.
Can I make additional/extra payments towards my credit providers while under debt review?
Yes, you are welcome to make extra payments should you have funds available, you may contact Debtco Group to make the necessary arrangements on your behalf.
Read more to see how you can make additional payments to your debt while under debt review
Can I settle accounts under debt review earlier than the ordered time-frame?
Yes you can, this will speed up your debt review process as the funds previously allocated to the paid up account will be paid to other creditors on a monthly basis which in its turn will reduce your debt review term. Please ensure that you speak with us prior to making the payment as we will have to provide you with the correct details and update the system on our end.
Read more to see if you can settle accounts earlier while under debt review.
Can I open accounts or use existing accounts whilst under debt review?
No, debt review is a process which creates space for your credit record to be renewed and rehabilitated, for the duration of the rehabilitation you are not advised or allowed to make additional debt or use existing accounts.
Read more if you can open new accounts or make use of existing accounts while under debt review
Will I be blacklisted when entering debt review?
No you will definitely not.
Read more to see if you will be blacklisted while under debt review.
Will I be able to open a bank account whilst under debt review?
Yes you can, you will not be penalised for being under debt review, a good idea is to also start saving the funds you paid towards your debt previously, these funds can be applied to either settling debt or in case of an emergency etc.
Is debt review an act of insolvency?
No, the First Rand Bank Ltd vs Janse v Rensburg (2012) 2 All SA 186 (ECP) concluded that the two precesses are not the same and both have their own set of rules when entered into.
Read more about the difference between Insolvency and Debt Review
Will I remain flagged under debt review after I have been successfully rehabilitated?
No, once your debt has been settled in full you will receive a clearance certificate and your status will be updated with all the credit bureaus.
Will my outstanding debt increase while under debt review?
The short answer is no, the process has been structured in such a way that we are able to negotiate lower interest rates (unsecured debt as low as 0% and secured debt as low as repo +2 if your interest rate is more than the current repo, otherwise it will remain on the lowest option) We make use of DCRS proposals (debt counselling rule system) in which 80-90% of clients solve, this allows for your term to be increased so your outstanding debt remains the same.
Read more to see if your outstanding debt will increase during debt review.
