When you agree to go through a debt review, the National Credit Regulator will notify all credit bureaus that you are under debt review. This means that you will not be able to take on any new debt until all of your existing debt (with the exception of your bond or mortgage loan) is paid off. Debt review is a process that helps people who are struggling with their finances. It is designed to help them manage their debt and get back on track financially.
The process involves a credit counselor assessing your financial situation and creating a plan to help you pay off your debt. The credit counselor will work with you to create a budget and negotiate with creditors to reduce interest rates and fees. They will also help you create a payment plan that works for your budget and lifestyle. Once the debt review process is complete, the credit counselor will submit a report to the National Credit Regulator.
This report will include details about your financial situation, including how much debt you have, how much you can afford to pay each month, and how long it will take you to pay off your debt. Once the report is approved, the National Credit Regulator will issue a certificate of completion. This certificate will show that you have successfully completed the debt review process and are now free from debt. Debt review is an effective way to get out of debt and get back on track financially.
It can help you manage your finances better and make sure that you don't fall into the same financial traps again. If you are struggling with your finances, it is important to seek help as soon as possible.