Life happens. Many South Africans who were under debt review end up stopping payments for a few months
(or even years) due to job loss, emergencies, or just feeling overwhelmed
Others complete debt review successfully but later face new financial problems.
The question is: can you go back under debt review again?
The short answer is yes – it can be attempted, but it’s not always guaranteed to succeed.
If you dropped out of debt review before, your debt counsellor can try to help you start again,
but they need to take a careful look at your current financial situation. Some credit providers may
welcome the effort to resume payments, but others may choose to carry on with separate legal action instead.
It is also good to remember that balances may have gone up since you stopped paying, and some debts might not be
included this time around. This is why reinstating a debt review is not always simple.
A lot now depends on your credit providers, your budget, and your willingness to stick to the plan this time.
Debt counsellors may also naturally be cautious to take you on again if you didn’t follow through the first time.
But if you are rally serious and willing to pay off your debts, a second chance is worth exploring.
What if you already completed debt review and got a clearance certificate in the past? Well, if your
debts were under control but you’ve recently become over-indebted again, you can apply for a new debt
review. There’s no limit in the law, as long as you qualify.
For those busy with debt review, it is also good to know that if a credit provider suddenly tries to leave the
process using Section 86(10) of the National Credit Act, your debt counsellor can help you to ask the court to
bring that credit agreement back into the debt restructuring plan using Section 86(11) – though this is then
up to the court.
Debt review is there to help people manage their debt. Sometimes, life is un predicable and may require more
than one go at debt review. Speak to a debt counsellor and see what’s possible for you.