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The advantages and disadvantages of going under debt review

11 August 2017, 4:05 pm

“However, customers need to be aware of the restrictions as well as the likely costs before automatically turning to the debt review as a solution,” said Jonathan de Beer, head of collections at FNB Credit Card.
First National Bank (FNB) stated that it has seen a spike in customers applying for debt review, year-on-year relative to customers following its normal collections process.
South Africa’s largest debt management company, Debtbusters, said that the service was designed for consumers that are over-indebted.
Consumers often turn to debt review as a solution to their financial problems.
Debt counselling was introduced in 2007, with the National Credit Act 34 of 2005.
Experts warn that applying for debt counselling should be carefully considered as there are both advantages and disadvantages.

Read More: on Just Money / Author - Alina Hardcastle / /


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