I am in debt counselling

Debt counselling is a process established by the National Credit Regulator (NCR) that consumers can avail them to if they are no longer able to manage their debt obligations.

The credit records of consumers that apply for debt review are updated to reflect this status and while it remains active access to further credit will not be possible.

The debt review process starts with a debt counsellor assessing whether you are over indebted. If you are found to be over indebted, the debt counsellor will propose a restructuring of your debt and will submit the proposal to your creditors. However, all judgments that are in existence at the time of applying for debt counselling are excluded from the debt review process.

Although debt counselling can help you regain control over your financial situation, it should be considered as a short-term option. As soon your financial health has improved you may wish to consider whether it is an appropriate time to exist the debt review process.