We get this question quite often. Many people don’t understand exactly what debt review is and whether it could work for them, so we’ve put together a couple of easy to understand pointers for you.


What is debt review or debt counselling?

  • This is a formal legal process to assist financially burdened consumers with    This can only be done by a debt counselor who is registered with the National Credit Regulator (NCR).

These are the advantages: (The Pros)

  • Reduced monthly installments
  • Reduced interest rate charged on your accounts
  • Protection against harassment by debt collectors
  • Protection against legal action
  • Protection against your assets being repossessed
  • Creditors get constant monthly debt repayments
  • You get a monthly payment
  • You have an option of paying extra so that you can finish the process quicker
  • You can exit debt review if you left with house and other accounts are fully paid This program gives you the opportunity to focus on a goal of being debt free

These are the disadvantages (The Cons)

  • You cannot take further debts once under debt review
  • You cannot access your credit card or overdraft accounts
  • You first need to settle your debts to exit
  • You need legal assistance to exit if debts are not fully paid
  • The debt counselor cannot remove you without a paid up letter or court order

Debt Review does work if there is a need which no other solution can solve, like when your assets are under threat of being repossessed, you are threatened with being blacklisted or your debts are so high that you unable to live a normal life because your monthly debt installments leave you with nothing left at month end.

Debt Review is also the only solution in South Africa that allows renegotiation of interest on your debts, which gives one the opportunity to pay your quicker and saving them thousands in the process.

Be cautioned though, you need to be careful on the debt counselor you choose, some are just there to make a quick buck out of unsuspecting consumers and don’t do the things they promise which will leave you worse off than you were.

Seed of Prosperity (Fix My Credit) has been providing debt review solutions for the past 6 years, helping people get their lives back and focus on building their dreams. We’ve saved people millions of rands by negotiating the lowest interest and manageable installments.

If you would want to know if debt review can work for you, feel free to contact us for a free assessment and guidance with no strings attached.


Contact: 010 900 3064


Remember to visit and like our Facebook page: Fix My Credit for more tips and solutions to stay on top of your financial life.


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