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Are you struggling with debt? There is a system in South Africa that assists people struggling to meet their debt obligations. If you are enrolled in the system, you should learn how to check if your name is under debt review. This will help you manage your repayment arrangements and reduce the monthly payments to a manageable amount.
The National Credit Act (NCA) came up with a credit review process to assist indebted South Africans to be free from liabilities. The system can only be used by consumers registered with a National Credit Regulator (NCR). If you meet these requirements, you should learn how to check if your name is under debt review.
You must generate a credit bureau report whenever you want to access a loan from all South African financial institutions. To do this, you should learn about the debt review process. The process is pretty simple.
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The meaning of debt review is the process of helping over-indebted South Africans manage and clear their debts. It was introduced by the National Credit Act (NCA) to assist people in becoming debt-free.
The National Credit Regulator (NCR) and other organisations have qualified and registered debt counsellors to assist the NCA in achieving its mandate.
The process works by offering debt solutions to South African consumers owing other people, businesses, or firms and struggling to manage their finances. A registered debt counsellor assesses an individual's outstanding debt.
After conducting an NCR debt review, the counsellor comes up with a structured repayment plan. The counsellor may renegotiate interest rates with loan providers or request an extension of the repayment period.
If someone owes multiple parties, the counsellor organises things in a manner that the individual makes one monthly repayment to a payment distribution agency. The agency then pays all the parties owed. This reduces the mental anguish and stress of trying to keep up with multiple repayments.
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Follow the steps below to check if your name is under debt review.
You can only remove the debt review status after you repay everyone you owe. Follow the steps below to complete this process.
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The length of time depends on the amount of money owed and how much you can afford to repay monthly. For most people, it takes between 36 and 60 months to be declared debt-free.
You can take your name off by repaying everyone you owe. Thereafter, you can get a clearance certificate.
You can check your status by visiting a credit bureau and requesting for a report. This will not cost you anything.
Debt review lasts until you repay everyone owed. Some people clear their debts faster than others, so they get clearance certificates sooner.
No, if you are under debt review, your loan application will be rejected. You can access loans once you repay everything owed and get a clearance certificate.
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Learning how to check if your name is under debt review is important for every South African citizen. This knowledge will help you keep your financial status in check.
READ ALSO: e-Recruitment Eastern Cape: How to register on the ECPA system in 2022
Briefly.co.za recently published the e-Recruitment Eastern Cape process. The Eastern Cape has an e-Recruitment system created by the province’s municipal government to receive online job applications from residents.
Through the portal, prospective employees view vacant positions, apply, and track their applications' status. Before using the platform, you must create an account.
Source: Briefly News
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