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Consolidation Loan

Avi asked 9 months ago


I’m currently in a situation where I’m looking on getting a consolidated loan.but IM completely lost.
How do I apply for this consolidation loan?
Will you guys show me a break down of what’s gonna be paid to where?
How does this exactly work?
Are there other ways to do a consolidated loan with being in debt review?

1 Answers
Carien Kruger Staff answered 9 months ago

Good day, 

Thank you for getting in touch.

We help South Africans struggling with their debt through a program called debt review (also known as debt counselling).

How debt review works:

Debt review is the program 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 program legally protects you, and your assets, against creditors who want to take legal action against you. 

Once your debt review program is successfully completed you will receive a clearance certificate. This is sent to your creditors and the credit bureaus – they are then required by law to remove all the info on your credit report about your debt and the debt review program. Meaning your financial slate is wiped clean, your debt worries are in the past, and you can start living your new beginning. 

Debt review is not a consolidation loan. 

With consolidation loans, you only shift your debt from one place to another. Most people will not qualify for 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. 

For more information about debt review, you are welcome to fill in our online contact form on this page. Once submitted our contact centre will be in touch with you shortly to discuss your options. 

Have a great day.