Debt Review Definition

Debt Review Definition

What is Debt Review?

Debt Review Definition or Debt Counselling is one of the debt relief measures available in South Africa and provided for in the National Credit Act 34 of 2005. This process is intended to assist over-indebted consumers who are struggling with their debt.This is done through budget advice and negotiation with credit providers for reduced payments and restructuring of debts.

Its Purpose

Is to assist an over-indebted consumer or a consumer who is not currently over-indebted but is experiencing or is likely to experience difficulty in meeting all his obligations under or her credit agreements in a timely manner. The Debt Counsellor will assess the financial position and lifestyle of the consumer and make certain recommendations so as to mitigate indebtedness.

The consumer has to understand that this is voluntary and a consensual process which results in the Tribunal or Magistrate’s Court re-arranging the consumer’s financial obligations. The success of the process depends primarily on the willingness of the consumer to stick to the re-arrangement plan and to not incur any more debt by entering into any further credit agreements, other than consolidation agreement.

It is important that the consumer understands that debt counselling does not mean that he or she will not need to repay what is owed to the credit providers or take the program as a payment holiday.

For more information about debt review or how to apply email us at [email protected]  or visit

Our main office Edward 2 Building, 72 Edward Road, Bellville, Cape Town, Western Cape 7530

NCR website 

Debt Review Definition

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