The duration of the debt review process is determined by a variety of factors, such as the amount of debt you have, how much you can pay back, and more. Generally, it takes between 36 to 60 months to complete the process, become debt-free, and receive your clearance certificate. The first step in the debt review process is to contact a registered debt counsellor. They will assess your financial situation and advise you on the best course of action.
Depending on your circumstances, they may suggest a payment plan or a debt restructuring plan. If you decide to go ahead with a payment plan, you will need to make regular payments to your creditors. This will help you pay off your debts over time. The amount of time it takes to clear your debts will depend on how much you can afford to pay each month.
If you opt for a debt restructuring plan, your debt counsellor will negotiate with your creditors on your behalf. This could involve reducing the interest rate or extending the repayment period. This could help reduce your monthly payments and make it easier for you to pay off your debts. Once all of your debts have been paid off, you will receive a clearance certificate from the National Credit Regulator (NCR).
This certificate confirms that you are no longer under debt review and that all of your debts have been settled. The length of the debt review process can vary depending on your individual circumstances. However, it usually takes between 36 to 60 months to complete the process and become debt-free.