Myths about Debt Review

Myths about Debt Review

Debt Counsellor in the Garden Route

If you are considering debt review but first need to get all the facts straight and myths out of the way to allow you to make an informed decision, let Garden Route Debt Counsellors help you.

Here are some myths regarding debt counselling to get out of the way:

• # Myth 1: You cannot buy a vehicle after you’ve been under debt review
• # Fact 1: All though you will not be able to buy a vehicle when under debt review, after the process, the debt review flag will be lifted from your name. As soon as you’ve built up a good credit record, you will be able to apply for vehicle finance. A good start is to open an account when the flag is removed from your credit record so that the creditors will be able to see that you repay your accounts on time.
• # Myth 2: You need to pay a large amount to start with debt review as it is expensive
• # Fact 2: You do not have to pay any amount to start with debt review. The fees will be collected during the first two months of your debt review process and is based on what you can afford.
• # Myth 3: You will be Blacklisted when under debt review
• # Fact 3: You can apply for debt counselling even when you are blacklisted. The NCA will flag your credit record when under debt review. This means that you won’t be able to apply for credit when under debt review, however you will not be blacklisted.

Contact Garden Route Debt Counsellors for more information and to apply for the debt review process.

Visit the Garden Route Business Directory for information on more businesses in the Garden Route as well as in the Klein Karoo.

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