Hi,

In this video I discuss debt review in South Africa. Debt review is a legal process that assists over indebted consumers with resolving their debt problems.
Process of debt review is:
To start the process, you would contact a qualified debt counselor, preferably a registered one with the National Credit Regulator. They would assess your financial situation, your income and your debts to determine if you truly are over-indebted. Over indebtedness means that you are not able to afford your obligations every month.
If positive, they would work with you to come up with an effective debt payment plan tailored to you. This includes giving your creditors a payment proposal, and if they accept, you’ll make one monthly payment to the debt counselor. The counselor will then pay your creditors on your behalf. This means that you don’t have to interact with creditors directly anymore.
Advantages of debt review:
1.If you have applied for debt review before any legal action was taken against you, then your assets (the things you own) are safe from repossession.
2. From the moment you are placed under debt review, you no longer need to deal with intimidating debt collectors who continuously harass you. When they call or contact you in any way — just tell them to contact your debt counsellor.
3. Your interest rates on your unsecured debt can be lowered down to as little as 1% — and your repayment terms can be lengthened.
With lower monthly interest rates and longer terms, your monthly repayments on your debt will be less.
4. All your payments will be consolidated into one monthly installment.
5. Your debt is consolidated without an expensive loan.
6. Since you pay less on your monthly debt, you have more money available for your essential living expenses like food, electricity and transport.
7. A good debt counsellor will go through all of your accounts and be able to assess whether you are the victim of reckless lending by your creditors. If this is the case, that debt could be entirely written off.
Disadvantages of debt review:
1. After your initial assessment with a debt counselling company, you may be informed that your current situation does not qualify you to go under debt review.
2. Some of your accounts, especially those which have been subjected to legal action, may be excluded.
3. Your debt may take longer to repay.
4. You may have to give up on a few luxuries in your life, but once you 5. become become debt free, it will undoubtedly be worth it.
5. You will be “flagged” at the credit bureaus — but you will not be “blacklisted”.
6. You will not be able to use any of your retail store cards or credit cards.
You will not be able to apply for new credit.
8. Its important to note that you have to continue to pay as per your agreement.
Process of debt review:
When you contact a reputable debt counsellor you will be given a free debt assessment to determine your level of debt and whether debt counselling is a potential solution for you.

If the assessment determines you are over-indebted and could benefit from debt counselling, you then decide whether to formally apply.

the debt counsellor will do most of the heavy lifting by informing all your creditors and the credit bureaus that you have applied for and are undergoing debt counselling

As part of the process the debt counsellor negotiates reduced monthly payments on all credit agreements that fall under the National Credit Act

Once more affordable repayment terms are negotiated, your rearranged debt is approved at a court or the National Consumer Tribunal to ensure the renegotiated rates are fixed for the duration of the debt counselling.
The magistrate’s court needs to make a finding that you are over-indebted and accept the payment proposal before it can be made a court order. 
This means creditors cannot change the terms or demand higher payments.

You will make one affordable payment each month, which is distributed to creditors included in the debt counselling for the duration of the plan.

Debt counselling usually lasts for between three and five years, depending on the amount of debt, the arrangements the debt counsellor is able to negotiate with creditors and what you can afford to repay each month.

Conclusion: Please do research and make an informed decision. This video is for information only

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Thanks!

April had an amazing 2023 even though she had some major pitfalls, this video is her review and debt confession.

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Yvonne Colbert takes a closer look at what consumers need to know about an un-licensed credit counselling service.
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I would NEVER pay for the SCAM and hustle of mediation.
If both parties CAN settle on something, I wanna do it WITHOUT paying a total stranger to sit down and WATCH US negotiate. Who made these “all knowing” mediators God anyways? It’s another way to extort money. If we CAN’T settle then it’s EVEN MORE of a waste of money and time. I’ll do it IF the mother wants to pay for all of. Otherwise, send me a settlement offer and I’ll counter.

You know how women wanna take a guy with them when buying a car? That’s because women get fooled by a power suit and tie. They get mesmerized by someone with a law degree or in a position of authority. If you say, “Let’s settle on 50/50” and she says “screw off”…but then her lawyer or a mediator says you should settle on 50/50, then she’ll say, “sounds good” to the SAME offer. But, she doesn’t hear it coming from YOU cuz she hates you but respects that guy with a law degree titled “mediator” or “attorney”. They’re led by their emotional perception of reality. So, dads give in and FOLLOW HER emotional leading down the path of mediation. I call BS and say we CAN MEDIATE on our own or between me and your lawyer. If he’s a lawyer he doesn’t NEED a mediator’s help right? It’s all a scam.

#debtfreejourney #studentloandebt #creditcarddebt

We are on a debt free journey to pay off our student loan debt and credit card debt. Our total debt is $324,103, which is mostly student loan debt. I break down all of our debts, how much we’ve paid off this year, and our debt pay off goals for the rest of 2020. This is a soul crushing amount of debt to pay off, but for the first time we are determined and have a plan. Subscribe to follow along in future months!

Watch my other videos from this series here:
Retail Therapy and Infertility: https://youtu.be/c46pf54Z9rw
My Plan to Payoff $30,000 of credit card debt in 12 months: https://www.youtube.com/watch?v=4_nIzfeWU7o&t=561s
August Debt Payoff Update: https://www.youtube.com/watch?v=xJ4iKi1aj8E&t=370s
September Debt Payoff Update: https://youtu.be/PIB7-LUE3F4

Here is my SoFi affiliate link if you want lower your interest rate, pay down your debt faster with me and get a $300 CREDIT towards your loan: https://www.sofi.com/share/1333184

Thanks for watching!

xo,
Lo

**This video is not financial or legal advice. This is just me sharing my own experience with my debt and finances.

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Debt is money you’ve borrowed and must pay back later, and most people will have debt at some point in their lives. There’s also a difference between taking on good debt compared to bad debt. Borrowing money to pay for things you don’t need counts as bad debt.

In this video, we will look at debt in more detail.

Two mediation companies are offering 90 minute sessions for $600. It can usually cost more than $6,000 per session.

Hello! Welcome to April’s debt review. For those of you who are new, I make 8 payments a month towards my student loan, no matter how small those payments might be. They all add up at the end of the day and push the numbers in the right direction.

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