What happens when you are in debt review?

You no longer pay multiple debt repayments, you pay one reduced repayment for all your debt. Your assets such as your car and your home are also legally protected.

What are the disadvantages of debt review?

A common disadvantage about debt review is that you will temporarily not have access to credit. This means you won't be able to open accounts or apply for loans under the process. What's very important to note, however, is that if you were struggling to pay your debt and you missed one or a few debt repayments, you may not have been able to get approved for credit or a loan even if you weren't in the process. And, not having access to credit is only temporary. Once you have completed the debt review process, not only will you have access to credit again, but you may even be in a better position because you would have shown creditors that you can consistently make your monthly debt repayments.

How long do you stay under debt review?

The time spent under debt review is dependent on how much debt you have and how much you pay towards it each month. This will differ depending on your unique case.

How long does debt review take?

Debt review typically lasts between 36 to 60 months, depending on your debt amount and repayment plan.

Is debt review better than a consolidation loan?

Debt review lowers interest rates, protects you legally, and avoids new debt, making it safer than most consolidation loans.

Debt

Debt is a serious challenge, affecting millions of people worldwide, and South Africans are no exception. In fact, studies reveal that 75% of South Africans’ take-home pay goes towards debt repayment. If you’re feeling trapped in an endless cycle of debt, remember: you’re not alone, and there is a way out.

The crucial question is, how can you get out of debt in South Africa? The answer lies in effective debt management, which simplifies and streamlines your financial obligations. This is where debt review becomes a game-changer, making it easier to manage multiple debts with a single, more affordable payment.

Meerkat South Africa specialises in debt counselling, reducing the risk of summonses and judgments while protecting your assets from repossession. Entering debt review might seem daunting, but it's the most powerful step towards reclaiming your financial freedom.

Why choose Meerkat for your debt solutions? Our top priority is your well-being. We’re dedicated to helping you navigate the path to debt relief, as evidenced by the success stories from our satisfied clients. Take the first step towards a debt-free life today and discover why Meerkat is the trusted choice for debt rescue in South Africa.

Straightforward

All your debt is bundled into one easy reduced monthly payment with low interest rates.

Personalised

Pay only what you can afford, make sure you cover your living expenses to live your best life.

Secure

Experience confidentiality from industry professionals and attorneys with full legal protection.

MABU

A Life Saver.
"I was so sceptical going into this but the agents assisting me were friendly, calm, kind and accommodating. They took the time to explain everything and even put it in writing so that whatever we discussed was in "black and white".

Thank you Meerkat, you are saving my life.

KEITH

Very friendly service and quick to help.
"They called back quickly and were very friendly. Answered all the questions I had with ease, explaining things so I understand exactly what's going on."

MALVIN

I've been in debt and I couldn't even buy groceries, cosmetics.
"I've been in debt I couldn't even buy groceries, but ever since I joined Meerkat things were starting to be better, I can even recommend it to a friend, family and colleagues. It's very helpful."

SARAH

"Meerkat saved me from drowning in debt. I haven’t had a creditor call in months, and I finally feel in control.”

What is debt review?

Debt review, also known as Debt counselling, is a legal process introduced by the National Credit Regulator. It is a process set up to help South Africans who are struggling to pay off their debt. The debt obligations are restructured, and interest rates are reduced to enable consumers to meet their monthly commitments.

What are the rights of consumers in debt counselling?

• Consumers have a right to apply for debt counselling
• Consumers have a right to request for, and be provided with, reasons if their application for debt counselling is rejected
• Consumers have a right to written disclosure of fees applicable prior to application for debt counselling
• Consumers have a right to full disclosure of the debt counselling process prior to application for debt counselling
• Consumers have a right to receive distribution statements from their debt counsellors and PDAs on a monthly basis

What is the difference between debt review and debt consolidation?

Debt review is the restructuring of all your debt repayments into one affordable monthly repayment by extending the terms of your credit agreements and decreasing interest rates, whereas consolidation entails taking out one large loan to settle all debts and only paying back one loan. Consolidation loans require that you are not over-indebted at the time of application.

What happens after debt review?

Once the process has been completed and your debt has been repaid, your counsellor will issue you with a clearance certificate. The certificate is then submitted to the Credit Bureau so that they can update your record and remove any negative information they hold.

What costs are involved in debt review?

Debt counsellors’ fees are regulated by the National Credit Regulator (NCR) and form part of your monthly repayment amount so you will not be charged any additional or upfront fees. Generally, the 1st 2 monthly payments go to the debt counsellor for administering the debt review and legal process. Your creditors are then paid from month 3.

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Debt Management

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