When you apply for debt review all the debts for which a credit agreement was signed between you and a credit provider will be included under debt review. This can include:
Which Debts are Included in Debt Review?
1. Unsecured Loans
- Credit Cards: Debts accrued through credit card usage;
- Personal Loans: Loans that are not backed by collateral;
- Store Cards: Retail accounts or store-specific credit facilities;
- Overdrafts: Bank account overdraft facilities.
2. Secured Loans
- Home Loans/Mortgages: Loans secured by real estate properties;
- Vehicle Finance: Loans for purchasing cars or other vehicles.
3. Short-term and Payday Loans
- Short-Term Loans: Loans meant for short durations, usually with higher interest rates;
- Payday Loans: Loans intended to be repaid by the next payday.
Which Debts are Excluded from Debt Review?
When you apply for debt review, we will exclude from the application rent-to-buy agreements, loans obtained from loan sharks, doctors’ fees, and insurance premiums. This is in line with the debt review regulations, as dictated by the National Credit Act and enforced by the National Credit Regulator. The following will also be excluded:
- Government or Municipal Debts: These often require separate arrangements;
- Maintenance and Child Support: Legal obligations must be maintained separately;
- Medical Bills: Outstanding payments for medical services;
- Utility Bills: Overdue payments for utilities that have accumulated into significant amounts.
Debt review typically encompasses a wide array of secured and unsecured debts to provide a comprehensive approach to debt management. Engaging with a qualified debt counsellor will allow for a tailored assessment, ensuring that all eligible debts are included in the debt review plan, and facilitating a structured and sustainable repayment strategy. It is important to disclose fully all your debts to your debt counsellor. Insufficient information may result in creditors not accepting you entering debt review. Find out if you qualify for debt review.