Thanks for the question.
We help over-indebted South Africans through debt review. Debt review is not a consolidation loan. Unlike consolidation loans, which have very strict requirements (and at the end leaves you with more debt) debt review restructures your credit obligations to an affordable, consolidated, repayment plan.
How debt review works:
Debt review is the process that reworks your debt payments into an affordable, consolidated repayment plan. Your repayment plan is formulated in such a way that it enables you to pay for essential living costs, giving you immediate breathing space. Your repayment plan is agreed upon by your creditors (we negotiate with them on your behalf), regulated by the National Credit Act and authorised through a court order. This means that the debt review process legally protects you, and your assets, against creditors who want to take legal action against you. Once your debt review process is completed you will receive a clearance certificate. Meaning your financial slate is wiped clean, your debt worries are in the past, and you can start living your new beginning.
Regarding the duration of your debt review:
The duration of your debt review will depend on your type of debt, the outstanding balances and how much you are able pay the creditors.
Regarding new credit during debt review:
Unfortunately the National Credit Act prohibits you from incurring any further credit while you are under debt review. Rather work on paying of your debt faster. Pay a little extra on some accounts. Focus on the smaller amounts and start settling them one by one. Also remember to negotiate for a better settlement value when there is not much left on an account. Once you receive your clearance certificate and have the means to afford a new credit instalment you can apply for a loan.
Regarding your employer:
No they will not be notified since the process is treated as confidential.
For more information about debt reivew you are welcome to fill in our online contact form found here: http://debt-safe.co.za/. Once submitted our contact centre will be in touch with you shortly to discuss your options.
Have a great day.