Debt review is a legal process in South Africa designed to assist over-indebted consumers in managing their debt. It involves a registered debt counsellor who assesses your financial situation and helps you restructure your debt payments to make them more manageable.

You may be considered over-indebted if you are unable to meet your monthly debt obligations without sacrificing basic living expenses. Indicators include missed payments, relying on credit for necessities, or feeling overwhelmed by debt.

The process typically involves: Assessment: A debt counsellor evaluates your financial situation. Proposal: The counsellor creates a debt repayment plan and negotiates with creditors. Payment Plan: You make reduced payments to your creditors through the debt counsellor. Completion: Once debts are settled, you receive a clearance certificate.

Yes, entering debt review will reflect on your credit report and may affect your credit score. However, it can also help you improve your score over time by ensuring you meet your restructured payment obligations.

The duration can vary based on your financial situation and the amount of debt you have. Generally, it lasts until your debts are settled, which can take several months to a few years.

No, you cannot apply for new credit while under debt review. Your debt counsellor will inform creditors of your status, and they are legally required to decline your applications.

Yes, you can exit debt review at any time, but it's important to understand the implications. Exiting can lead to creditors pursuing you for outstanding debts.

Missing a payment can jeopardize your debt review status. It's crucial to communicate with your debt counsellor if your foresee any difficulties in making payments.