Debt review loans in South Af
rica – Is it possible?
If you are on debt review and need a loan urgently it can be very frustrating. It is highy unlikely that you will get debt review loans in South Africa. In this article I will explore the options you have and what you can do to be able to qualify for a debt review loan in South Africa.
Why cant a person get debt review loans in South Africa?
According to the National Credit Act a consumer may not be granted any further credit when they are placed on debt review. They aim of this is to allow the consumer to pay off all his existing debt before making any new debt. Because of this you will not be able to debt review loans in South Africa.
All credit beruas will also “flag” your name as being under debt review. This will automatically will decline you if you apply debt review loans in South Africa. This “flag” will be places on your credit report at the application stage of the debt review process and will only be taken off if you have been found not to be over-ondebted by the debt counsellor or if all your debts are settled. You can also bring a application to court to have the debt review “flag” removed from your name. Once the debt review listing is removed from your name, you can apply for new credit again.
What could be a solution if you apply for debt review loans in South Africa?
To be able to apply for debt review loans in South Africa or any other credit you will need to do the following:
Step 1: Cancel your debt review
You can cancel your debt review by notifying your debt counsellor that you are volentaraly withdrawing from the process. The debt counsellor will then issue you and all your credit providers with a 17.w notice stating that they are no longer acting as your debt counsellor. This will allow you to make payment arrangements directly with your creditors. This step alone will not get you removed from debt review, the debt review “flag” will still show on your credit profile and you will not be able to get a loan wile you are still under debt review.
Step 2: Remove your name from debt review
Once you managed to do the above and made payment arrangements with your creditors you are well on your way to be able to apply for a loan and get the debt review “flag” removed from your name. You can do this by asking a registared debt counsellor to assist you with a debt review removal application.
They will re-assess your financial situation and declare you no longer over-indebted if that is the case. This declaration that you are no longer over-indebted will then need to be brought to court in order for a Magistrate to grant a court order. The granted court order will them be used to get the debt review flag removed from your name. Once this is done you are free to apply for debt review loans in South Africa.
To apply for debt review removal, please click here!
Loan Sharks
If you need debt review loans in South Africa you can approuch loan sharks to help you with a loan wile you are under debt review. This however is a very risky option because the interest rates they charged are very hifh and it can worsen your situation if you are already struggeling to make ends meet.
How I can help you to qualfy for loans again
As mentioned above the best way to get loans on debt review in South Africa is to get yourself removed from debt review. The debt review removal process can be done if your finacial situation improved or you have settled some of your debts. As mentioned it is a court precess and must be done with the assistance on a registered debt counsellor and a attorney. For more information on debt review removal you can also read this article – How to cancel debt review or debt counselling.
If you are intrested in me helping you with the getting a loan wile under debt review in South Africa, please send me your details by clicking here or completing the contact form on my website. I will be happy to help.
Jacques Botha – Registered Debt Counsellor (NCRDC2522)ou have managed