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What Are the Disadvantages of Debt Review?

Debt Review is a great option for South Africans in serious financial trouble, still, they will need to consider the pros and cons of the program.

The Pros:

  • Consolidate your debt without having to add an additional loan to your debt mass.
  • Monthly instalments could be reduced by up to 60%.
  • Financial relief with the above mentioned reduced instalments.
  • Your home and car stay safe – No repossession, no legal action from your creditors.
  • You will be able to afford your family’s crucial living expenses.
  • Once the program is successfully completed you will enjoy complete financial rehabilitation with a clear credit record.

The Cons:

  • You will not be allowed to get credit while in the program.
  • Your Debt Review (application/status?)will be listed on your credit record until the completion of the program or when all your debt listed under debt review are paid up in full.
  • The payment period of your debt will be extended in order to lower your monthly instalments.