A: DebtSafe helps South Africans struggling with their debt through a program called Debt Review (also referred to as Debt Consolidation or Debt Counselling).
In short, our program reworks your debt repayments into an affordable, consolidated repayment plan – meaning your debt repayments are made into one single, reduced repayment.
Your repayment plan is formulated in such a way that it enables you to pay your debt as well as pay for essential living costs (school fees, food, rent, commute etc.), giving you immediate financial breathing space.
Your repayment plan is agreed upon by your creditors (we negotiate with them on your behalf), is regulated by the National Credit Act (NCA) and authorised through a Court Order. This means that our program legally protects you, and your assets (car and home), against creditors who want to take legal action against you.
Once you have successfully completed your DebtSafe program you will receive a Clearance Certificate. This is sent to you and the credit bureaus. The credit bureaus will then remove the Debt Review flag from your profile as well as all your default listings. Your payment history will however still reflect on your credit profile for the period of two years as per the conditions of the National Credit Act (NCA).