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Credit Card and Debt Review

Questions & AnswersCategory: Credit ProvidersCredit Card and Debt Review
Sam asked 1 year ago

Hi there,

I have a credit card with a certain bank. When I applied for it I was told m not allowed to take any debt review. I need to know how true is that.

1 Answers
Carien Kruger Staff answered 1 year ago

Hi there,
 
Thank you for your question.
 
When you are in the debt review program you will not be able to qualify for credit. The National Credit Act prohibits you from incurring any further credit while you are under debt review. The reason for this is that whilst under debt review your budget is calculated and precisely allocated to your current debt obligations and other living expenses.

If the credit provider sees that you took out credit just before going into debt review, and it seems like it was done on purpose it could be interpreted as fraud.

Kind regards