The Debt

Review Company

How long does debt review last

How long does debt view last? That’s one of the first questions you want an answer to when considering going under debt review. Obviously, that number will greatly depend on several key factors.

For example, if you have R50,000 in debt and you pay R5000 + interest each month, you will pay your debt in 10 months. But if you pay half that amount, it will take you double the amount of time to pay off that same loan. The same principle applies to debt review.

But obviously, you want an answer so what we can tell you is the average time most people remain under debt review.

So how long does debt review last?

On average, debt review lasts for 3 to 6 years (36 to 60 months). But obviously, that answer is different depending on exactly how much debt you have and your financial standing at that time. Your payment schedule is structured based on what you can afford to pay. So, at the beginning, you agree to a period that you will be able to manage.

If your financial situation changes and you can afford to pay sooner than the agreed period, you can do so. If for example, you were to hit the lotto and were able to pay all your debts off at once, you can do that.

Alternately, if you get a raise and are able to pay more, you can contact your NCR registered debt counsellor and creditor for the arrangement of a new agreement that will allow you to pay more so that you can settle your debt sooner.

If you can afford to and want to pay your debt review before the agreed time, there are no early settlement penalties if you do. In fact, it is possible that you can get a discount for early payment if you reach out to the creditors and negotiate an early payment with them.

Factors that affect how long you remain under debt review

  • The size of your debt
  • The amount of your disposable income (how much money you can pay)
  • The re-negotiated interest rate
  • Paying your monthly contributions on time

Things that can change how long you remain under debt review

  • An increase in your income (such as a pay raise)
  • Financial windfall (if you get a lump-sum of money that allows you to pay the debt e.g. an insurance settlement, inheritance, winning the lottery etc.)
  • Downsizing of your expenses and contributing that to paying for your debt

To know exactly how long you will remain under debt review, you will have to contact a debt counsellor so that they can assess your unique financial situation and then create a payment plan that will suit you based on what you can afford.

How we help you

At The Debt Review Company, we offer free assessments to clients who are considering debt review. We can analyse your debt obligations and let you know whether you really need debt review and what steps to take if needed.

To contact us, you can fill in our contact form and one of our qualified consultants will get in touch with you. Alternatively, you can reach out to us on WhatsApp by clicking the WhatsApp link near the bottom of the page.

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The Debt

Review Company