Your Debt Review Journey: How Long Does It Last?
How Long Does Debt Review Take?
Many South Africans who think of starting the debt review process have the same question: “How long will it take?”
While it’s natural to want a clear answer, the truth is that it depends on your situation.
Knowing what affects the timeline can help you decide if debt review is right for you.
Unique Plans for Unique People
Every debt review plan is as unique as the person it’s designed for.
One of the main goals is to ensure your monthly payments are realistic and affordable.
Instead of struggling to pay more than you can handle,
your plan is tailored to fit your budget so you can repay your debt step by step.
If you can only pay a small amount each month or your debts are very large,
it might take longer to finish. If you can pay more and your debts are smaller,
it will go by faster. The key is ensuring you can cover your basic needs while repaying your debts.
What’s The Average?
When you enter debt review, your credit providers are actually on your side. Over the years,
they’ve made changes like cutting fees and lowering interest rates to help consumers pay off debt faster.
This gives people a real chance to become debt-free.
Thanks to these adjustments, many plans last about 60 months (five years),
but this isn’t a fixed rule. You’ll stay in debt review until your debts are fully paid off
(except for home loans, which continue as normal afterward). Once you settle your smaller debts,
like credit cards or vehicle loans, you’ll receive a clearance certificate showing you’ve completed
the process.
Speeding Up Your Debt Review
Adjusting to life without credit can be tough at first, but it gets easier.
If you want to finish your debt review sooner, there’s a simple way: make extra payments whenever you can.
Extra funds from bonuses, salary increases, or selling something valuable can go straight to your outstanding balances.
These payments reduce how long it takes to finish the process.
Stay Committed for Success
So, how long will it take? That depends on your situation. Debt review timelines vary based on how much you owe,
how much you can pay each month, and whether you can make extra payments.
While many plans last around 60 months, the most important thing is that your plan is realistic and helps you meet your needs while repaying debt. Stick to your plan,
make regular payments, and you’ll complete the process successfully.
If you’re thinking about debt review, ask an NCR-registered Debt Counsellor for guidance.
They can give you a better idea of how long it might take in your case.