Frequent Asked Questions
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What is debt counseling?
Debt counseling is a legal process where a certified counselor helps restructure your debts into affordable monthly payments.
Who qualifies for debt counseling?
Anyone who is over-indebted and struggling to meet their monthly financial obligations may qualify for debt counseling.
Can I exit debt counselling before completing it?
Yes, but only if all your debts under review are settled or fully repaid.
Will I be able to apply for credit during debt counselling?
No, you cannot access new credit until the process is complete and you’ve received a clearance certificate.
How long does the debt counselling process take?
The duration depends on the total debt and repayment terms but typically spans several months to a few years.
What types of debts can I consolidate?
You can consolidate most unsecured debts, such as credit cards, personal loans, and store accounts.
Will debt consolidation affect my credit score?
Initially, it may cause a slight dip, but consistent repayments can improve your score over time.
How long does the debt counselling process take?
The duration depends on the total debt and repayment terms but typically spans several months to a few years.
How is debt consolidation different from debt counseling?
Debt consolidation combines debts into one loan, while debt counseling restructures repayments and offers legal protection under the National Credit Act.
How long does the debt counselling process take?
The duration depends on the total debt and repayment terms but typically spans several months to a few years.
Can I remove the debt review flag without paying off my debts?
No, all debts under review must be fully paid before the flag can be removed.
How long does it take to remove the debt review flag?
The process usually takes up to 21 business days once the clearance certificate is submitted.
What happens if there are errors in my credit profile after debt review?
Release Debt Managers will assist in addressing and resolving discrepancies with credit bureaus.
Are these programs suitable for people in debt?
Absolutely! The programs provide practical tools to manage debt and regain financial stability.
Can businesses offer these programs to employees?
Yes, we customize programs for organizations to support employee wellness and productivity.
Do I need to have financial knowledge to join?
No prior knowledge is required. Our programs are designed for all skill levels, with clear and accessible guidance.
