The duration of the debt review process is determined by a variety of factors, such as the amount of debt you have and your ability to make payments. Generally, it takes between 36 and 60 months to complete the process, become debt-free, and receive your authorization 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.
This includes creating a budget and negotiating with creditors to reduce your monthly payments. Once you have agreed on a repayment plan with your creditors, the debt counsellor will submit an application to the National Credit Regulator (NCR). This application will include all the details of your repayment plan. The NCR will then review the application and decide whether or not to approve it.
If the application is approved, you will be placed under debt review. This means that all your creditors must accept the repayment plan and freeze any interest or fees on your accounts. You will also be protected from legal action by creditors during this time. The length of time it takes to complete the debt review process depends on how quickly you can make payments and how much debt you have.
If you are able to make regular payments, it could take as little as 36 months to become debt-free. However, if you have a large amount of debt or are unable to make regular payments, it could take up to 60 months. Once you have completed the debt review process, you will receive an authorization certificate from the NCR. This certificate confirms that you are now debt-free and can start rebuilding your credit score.
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