PROFESSIONAL
DEBT REVIEW
SERVICES
Your journey to financial freedom and peace of mind begins now
What is Debt Review
Debt review, also known as debt counselling, is a legal process introduced by the National Credit Act (NCA) to assist South Africans who are struggling to cope with their debt repayments. Its primary goal is to restructure your debt repayment plan so you can afford monthly instalments without missing any payments.
Debt counselling in South Africa is not just a good idea, but it is often the best solution for individuals who are overwhelmed by their financial obligations.
Our Solutions
1. Debt Counseling
We provide confidential consultations where clients can understand their financial situation. We explain the process of debt review, how it works, and what benefits it offers to individuals struggling with debt.
2. Debt Restructuring
Our expert debt counselors negotiate with creditors to possibly lower your interest rates, extend payment terms, and reduce your monthly repayment. We assist in creating a realistic repayment plan that fits the client’s budget.
3. Legal Protection
Clients who enter debt review are legally protected against legal action from creditors. We offer legal advice to ensure that clients’ rights are upheld throughout the debt resolution process.
4. Debt Consolidation Advice
We help clients consolidate multiple debts into a single payment, reducing their financial stress and simplifying their monthly obligations.
5. Clearance Certificate
Upon completion, we will issue you a clearance certificate, signaling the restoration and rehabilitation of your credit profile.
6. Financial Education
We work with clients to create sustainable budgets that take into account their income, expenses, and financial goals.We also provide financial education workshops and resources to help clients avoid falling back into debt.
Benefits of Debt Review
Consolidate
Consolidate all your debt owed to multiple credit providers into a single debt repayment at a reduced interest rate.
Legal Protection
Legal Protection against legal action from creditors an safeguard your assets.
Financial Freedom
Take control of your finances, experience financial freedom and peace of mind.
“Our mission is to provide you with guidance, support and practical solutions to help you regain your financial stability.”
Sam Fakude
DCM Debt Solution: Debt Counsellor
Struggling to pay back your debt?
Over-indebted?
Drowning in debt?
Our team of Registered Debt Counsellors tailors solutions to your specific needs to help you in your journey towards financial freedom
Frequently Asked Questions
How do I know that I am over-indebted and have too much debt?
If you struggling to repay your monthly debts and you falling behind on your scheduled monthly debt repayments or you are at risk of falling behind in the immediate future. These are signs that you are in all likelihood you are over-indebted.
How do you calculate your debt-to-income ratio?
List and add all your debts. Divide it by your gross monthly income x 100.
Example:
If you earn R20 000 per month and your monthly debt adds up to R18 000, this is how you would calculate your debt-to-income ratio:
18 000/20 000 x 100 = 90%
If your debt-to-income ratio is over 65%, it’s a serious cause for concern and you may want to look at all your options for reducing this debt.
Simply, over-indebted (having too much debt) means that you are more than one month behind on your debt repayments. It can also mean that you do not have enough money for living expenses when you deduct your expenses from your income.
What happens when I apply for debt review?
Debt review legislation states that once an individual is under debt review, their creditors cannot take legal action against them without permission from the court. This legal protection is provided under the National Credit Act (NCA) and is intended to protect over-indebted consumers from harassment and unfair debt collection practices.
Will my employer be notified that I applied for debt review?
No, we will never contact your employer to obtain any information or to confirm anything. Your debt review application is treated professionally and fully confidential through the entire application and debt review process.
How long will I stay under debt review?
Everyone’s debt review journey is unique, so the time it takes can vary from person to person. The time spent under debt review is dependent on how much debt you have and how much you can afford to pay monthly.
How will my creditors be paid under debt review?
When you are under debt review, you will make one affordable monthly payment to a Payment Distribution Agency (PDA). The PDA will distribute the funds to your creditors according to the negotiated repayment plan.
Is debt review a good idea?
It depends on your specific financial situation. For many people, debt review can be a helpful tool to regain control of their finances and work towards becoming debt-free. In 2007, the National Credit Act introduced debt review to financially strapped South Africans.
If you’re unable to meet your current debt obligations and it’s causing significant financial and emotional stress, debt review may provide the relief you need.
If you’re facing legal action or harassment from creditors, debt review offers a way to avoid that while still working towards paying off your debts.
Can I apply for more credit while under debt review?
No, while you’re under debt review, or debt counselling, you cannot apply for more credit. Once you enter the process, a “flag” is placed on your credit report. You cannot apply for new credit. This is a condition of the National Credit Act, which is there for your own Debt counselling is a debt rehabilitation process, and is designed to make your debt more manageable. By restricting access to new credit, you can focus on paying off existing debt and avoid accumulating more, helping you escape the debt trap. protection.
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. 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.
The process can be lengthy, often taking several years to complete, However, the duration depends on the amount of debt, the repayment plan agreed upon, and how committed you are to making your monthly payments.
Being under debt review affects your credit record. Credit bureaus will mark you as being “under debt review,” which can make it difficult to obtain new credit (such as loans, credit cards, or mortgages) until you’re released from debt review
Testimonials from some of our clients
DCM Debt Solution treated me with the outmost respect and made me feel like I'm the only client. The process was thoroughly explained and all my concerns were addressed. Thank you for changing my life.
Sifiso Mabuza
Johannesburg
At first I was not sure if debt review was a good idea, but after I spoke to Sam at DCM Debt Solution, I felt like this is exactly what I needed. He assisted me with the application, negotiated with my creditors and proposed the best repayment plan for my budget.
Ayanda Nkosi
Soweto
I almost lost my assets! had I not reached out to DCM Debt Solution on time the worst could have happened. With the help from their attorneys, my assets were saved and protected from being repossessed and stopped my creditors from harassing me. Thank you, I can finally enjoy my peace of mind and stop stressing.
Angie Smith
Centurion
Become debt-free and enjoy peace of mind
