Debt Review in South Africa

Debt Review

Why You Need Zero Debt for your Debt Review?

  • We protect your assets from repossession by credit providers.
  • We consolidate all your debt and you pay a lot less every month.
  • We reduce the interest that you would have paid by up to 60%!
  • You determine what you can afford & retain sufficient funds for your living expenses.
  • Free confidential, no-obligation debt assessments by our experienced consultants.
  • Zero Debt is NCR registered and offers clients the personal attention that they deserve.

Apply for a debt review with Zero Debt – one of the leading debt review companies in South Africa!

What is a Debt Review?

If you are over-indebted and falling behind with your debt repayments, debt review can protect your assets by arranging a structured, affordable repayment plan for your outstanding debt.

A debt solution company consolidates all your debt into one monthly payment and reduces your interest rates, based on your circumstances. This debt protection forms part of the National Credit Act. Credit providers cannot take legal action against you if you go under debt review. This means that aside from the protection of your assets, you will also end up paying less for your debt on a monthly basis.

Make the smart choice and complete our FREE debt assessment form today

What is the Debt Review Process?

The debt review process can be summarized in 5 steps:

  1. Complete the callback form or phone us directly to speak to one of our qualified debt review consultants today.
  2. You will be asked to complete our free debt assessment form so that we can see what your monthly income & expenses look like and what you current debt position is.
  3. Our qualified debt review consultants will get in contact with your credit providers and come to an agreement regarding your reduced fees and repayments.
  4. Once agreement is reached between all parties has been reached, our debt review consultants will get in contact with you to discuss your reduced monthly debt repayment amount, which you will be able to afford. They will also explain the easy steps that need to be completed, to protect your assets.
  5. Your consultant will cover and control the entire debt review process with you, and answer any questions you may have.

The Debt Review Process in Action! (This is what Zero Debt can do for you)

Below is an example of what our debt review process did for Lindiwe.

Before contacting us, Lindiwe was behind with her debt repayments and constantly being contacted by her credit providers and their debt collectors.

  • Lindiwe completed her debt review application.
  • We took control of all dealings and negotiated with her credit providers; immediately reducing her monthly repayment amount.
  • Lindiwe’s debt was consolidated into a single monthly repayment based on the amount that she determined as affordable for her.
  • We also stopped the repossession of Lindiwe’s vehicle which meant she was still able to get to work on time without having to change her lifestyle.
  • We ensured Lindiwe’s assets were fully protected based on the National Credit Act and we removed all the debt related stress from her life.

From the moment that she completed her debt review application, we took control of all dealings with her credit providers and Zero Debt immediately reduced her monthly payments to a single, affordable repayment.

All her debt was consolidated into a single monthly repayment based on the amount that she determined as affordable for her.

Have a look at Lindiwe’s monthly debt obligations before & after she decided to apply for debt review with Zero Debt:

Item Old Payment New Payment Reduction
Property Bond R 5,245.25 p/m R 3,933.94 p/m R 1,311.31 p/m
Vehicle Finance R 3,519.25 p/m R 2,510.68 p/m R 1,008.57 p/m
Unsecured Debt R 11,168.25 p/m R 3,390.50 p/m R 7,777.75 p/m
Total R 19,932.75 p/m R 9,835.12 p/m R 10,097.63 p/m

*The above table reflects Lindiwe’s debt position – note that you can apply for debt review even if you do not have a property bond or vehicle finance.

Our debt review process reduced Lindiwe’s monthly debt repayments by 50.7% from R19,933 to R9,835 thereby making cash of R10,098 per month available to her! We also ensured that Lindiwe’s assets were fully protected based on the National Credit Act and we removed all the debt related stress from her life. It really pays to deal with one of the leading debt review companies in South Africa!

I have never received such prompt service in my life. Patience Manzombe helped me retain my vehicle that was due to be repossessed and for that I will forever be grateful. I will definitely spread the word. Thank you, thank you!

Lindiwe

We can also help you! Complete our callback form and speak to one of our NCR registered debt review consultants today!

Do you have questions about our debt review application process?

What Qualifies You to be Put Under Debt Review?

You qualify for debt review if you are over-indebted. This means you are struggling with your debt repayments and have fallen behind, or are at risk of falling behind. You also need to be earning a monthly income - you will not qualify if you are unemployed.

You qualify for debt review even if you are blacklisted, or if you have a bad credit record.

Why Should I consider Debt Review?

You should consider debt review if you are unable to pay off your debt repayments, whether it be now or in the immediate future. By going under debt review you will ensure the protection of your assets, and avoid legal action by your credit providers. Debt review helps to reduce your repayments and your interest rates, making your financial situation more manageable.

Can I still rent a property if I’m under Debt review?

You will able to rent a property because the debt review process is not classified as a credit agreement. Our debt review process makes provision for your rent expense in your debt restructuring budget and we will provide the agent or lessor with a letter that confirms that you are in a position to pay your monthly rent.

What costs will I incur by applying for debt review?

The exact costs will depend on the type of debt you have and your monthly repayment amount, however you will incur debt counselling fees and legal fees. Both the debt counselling fees & legal fees are incorporated into your debt restructuring plan which means that you will not need to pay any additional/upfront fees in order for your application to be processed. The debt counselling fees that we charge are regulated by the National Credit Regulator and should be the same regardless of which registered debt review company you use. Legal fees are also determined based on the type of debt that you have and your monthly repayment amount.

What happens if my credit providers reject my reduced monthly debt repayment amount?

Our debt review consultants have many years of experience in negotiating with all the major credit providers regarding debt restructuring proposals. Your debt consultant will therefore propose a restructured debt plan which is affordable to you and which is acceptable based on your debt position. Zero Debt will then refer your proposed debt plan to their attorneys who will obtain a court order in a magistrate’s court to enforce your restructuring debt plan on your credit providers. This court order is obtained as per the National Credit Act and protects your assets while you are under debt review.

Do I need to Go to Court?

No, you will never have to attend any court proceedings, as Zero Debt’s nominated attorneys will obtain the court order for you. The legal fees relating to the court order is included in your reduced monthly debt repayment amount.

What do I tell my creditors when they contact me?

After you have entered into the Debt Review process with us, we will communicate with your credit providers and let them know that you are under debt review. If any of your credit providers or even their debt collectors contact you, you can simply refer them to your Zero Debt consultant. Your credit providers are not allowed to threaten you or make any demands from you once you are under debt review.

Some companies claim to reduce debt repayments by 60 -70% - can you do the same for me?

This all depends on the type of debt you have. No one can reduce the interest rates on property bonds and vehicle finance to the extent that it would result in a 60% reduction in the debt repayment amount. However, it is possible to reduce debt repayments on unsecured loans, by 60/70%. If you also have a bond or vehicle finance, no one will be able to reduce your debt repayments by more than 60%. Any company which is claiming to be able to do so should not be trusted.

Is debt review better than a consolidation loan?

You will not qualify for a consolidation loan if you are over-indebted. Not with us and not with anyone. The only way to prevent you from losing your assets is to go under debt review. Our debt review process fully protects your assets, as per the National Credit Act. We help you to manage your bad-debt situation by consolidating your debt into one affordable monthly repayment, reducing your monthly debt repayments & interest and clearing your credit record after you have fulfilled your restructured debt obligations.

Still not sure? Why not speak to one of our debt review consultants? Simply complete our callback form and a debt consultant will phone you back at your convenience!