WHAT ARE THE CONSEQUENCES OF DEBT REVIEW?

 

Once declared over indebted and accepted into debt counselling the following will happen:

  • The consumer will be protected from legal action for a period of 60 working days from the date of application and thereafter, for as long as the consumer continues to meet his obligations under the restructured debt repayment plan;

  • All the consumer’s creditors will have to stop bothering the consumer and liaise with the debt counsellor;

  • The consumer will be listed at the Credit Bureau as being under debt counselling;

  • The consumer may not obtain any new credit until all the debts under debt review (except for mortgage bond debt) has been paid in full.

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