Are you struggling with too much debt? Let our team of expert professionals save you from legal
action, make debt repayments affordable, and create a
brighter financial future. Get Help Now

Are you struggling with too much debt? Debt can be an overpowering force, causing needless angst and anxiety. Too often, it creeps into our budgets, upsetting the delicate balance between income and expenses. Overspending with credit is easy – personal loans, store cards, and vehicle finance are readily available, often just a few taps on the phone screen away.

After some time, your repayments and administration fees all add up. Minimum payments and bill payments become out of reach, forcing some to take out loans simply to meet their repayment and obligations of daily life.

If you:

  • Only make minimum payments
  • Borrow money to pay debts
  • Are denied credit
  • Have no emergency fund
  • Fall behind on necessary payments
  • Receive calls from debt collectors
  • Make late payments and default

It’s time for debt review: the way out of bad debt.

What’s Debt Review?

Debt review is a legal process wherein a debt counsellor (financial practitioner who rearranges your finances) negotiates for lower interest rates and reduced repayments on your behalf. As soon as you apply for debt review, you’re legally protected from asset seizure and legal action, such as judgments, involuntary sequestration, and administration orders. Usually, the process lasts for three to five years.

Your debt counsellor will consolidate your monthly payments and create a repayment plan, then present it to the Magistrate’s court. When the plan is approved, you’ll make one payment each month to a PDA (payment distribution agency).

When you’ve paid everyone back (except your mortgage should you be making timely payments), your debt counsellor will grant you a clearance certificate. You can use this to dispute the debt review flag on your profile. At the end of debt review, you’ll have a clear credit profile and be able to begin rebuilding your credit. For more information, see our how it works page.

Is Debt Review Worth It?

If you struggle to make minimum payments and stay financially afloat, debt review is for you. You’ll be awarded reduced repayments, freeing up room in your budget for what’s important. Moreover, you’ll see lessened interest rates, making your debt cheap in the long run. Alongside this, you’ll have a longer repayment term, making repayments more affordable.

Additionally, you’ll be protected under the National Credit Act, which states that no creditor can take legal action against you under debt review (unless you incur further debt or miss payments). No one can seize assets like your house or car or declare you bankrupt involuntarily.

Take the First Steps to Financial Freedom

What are you waiting for? Take your first steps to financial freedom with LimDebt, South Africa’s trusted partner in debt review. Let our team of expert professionals save you from legal action, make debt repayments affordable, and create a brighter financial future.

Get Help Now

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