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Answer for Debt Consolidation

Good day, 

Thank you for getting in touch. 

It sounds like you are looking for a consolidation loan company – we are a Debt Review company so we do not issue loans.  

We would advise you to take caution when taking out a loan to consolidate your debt. With consolidation loans, you only shift your debt from one place to another. The loan-based consolidated instalment seldom brings sufficient cash flow relief. This is mostly because interest rates offered on consolidation loans are still high and consumers in their individual capacity seldom have the bargaining power to reduce interest rates or extend payment periods. Plus, if you’re already falling behind on your repayments you probably wouldn’t qualify for a consolidation loan. And lastly, consolidation loans offer zero legal protection of your assets against repossession. 

Regarding your Debt Review that is listed on your credit profile. What you must also keep in mind is that your Debt Review will be listed on your credit profile until a Form 19 (Clearance Certificate) is issued. This can only happen when; 

1. all your debt has been settled, or
2. you have brought arrears up to date and are able to pay original instalments. (If however you already have a Court Order by the Debt Counsellor you will have to rescind the Court Order by proving to the magistrate that you are no longer over-indebted). 

Kind regards