South African households collectively owed total debt amounting to 40.7% of the country’s GDP that month—a clear indicator of the growing financial strain. With rising living expenses and high interest rates, it’s no surprise that more South Africans struggle to manage their finances. If debt feels overwhelming, a debt review could be the solution. By helping you reduce monthly payments, manage creditors, and empower you to regain control and work toward your financial goals.
What is debt review?
Debt review, alternatively referred to as debt counseling, is a regulated process established by the NCA to assist South Africans facing debt. During this process, a qualified debt counsellor mediates with your creditors to develop more manageable repayment terms. This can often lead to a significant reduction in monthly payments — sometimes up to 70% — allowing you to focus on covering essential living expenses while still addressing your debts responsibly.
What are the pros?
• Reduced monthly payments – Debt review simplifies your finances by combining all your debts into one lower monthly payment. This new payment plan is arranged with your creditors to ensure it fits your budget and leaves enough for your essential living needs.
• Protection from creditors – According to the National Credit Act, creditors cannot issue legal notices or attempt to seize your assets if you remain under debt review and are fulfilling your monthly repayments in the process.
• Maintain assets – Unlike sequestration or liquidation, debt counseling lets you keep essential assets like your house and car. This is especially important for people who may lose their belongings because of unpaid debts.
• No permanent record – Once you complete the process and settle all your outstanding debts, your credit profile won’t leave any lasting marks. Your debt review facilitator will issue a clearance certificate, which removes the debt review status from your record, enabling you to rebuild your credit history without any long-term adverse effects.
At Vantage Debt Management, we offer personalized debt counselling services to help individuals manage their debt and improve their financial situation. Our experienced counsellors will work with you to negotiate better repayment terms, protect your assets, and provide ongoing support.
Let’s get started with your free debt assessment.