Question 1

What is debt review in South Africa?

Accepted Answer

Debt review is a legal process under the National Credit Act (NCA) that helps over-indebted consumers restructure their debt. A registered debt counsellor negotiates with creditors to reduce monthly payments and interest rates, making debt more manageable while protecting your assets.

Question 2

How does debt review work?

Accepted Answer

The process starts with a free assessment of your financial situation. If you qualify, we notify your creditors, negotiate reduced payments, and create a restructured repayment plan. Once approved by court, you make one affordable monthly payment that we distribute to creditors.

Question 3

What's the difference between debt review and debt consolidation?

Accepted Answer

Debt consolidation combines multiple debts into one new loan, often with high interest. Debt review doesn't create new debt - it restructures existing debt with reduced payments and legal protection. Debt review is typically better for those struggling with payments.

Question 4

Will debt review affect my credit score?

Accepted Answer

Yes, being under debt review is noted on your credit profile. However, this protects you from legal action and prevents further debt. Once you complete debt review, a clearance certificate is issued, and your credit record is updated positively.

Question 5

How much does debt counselling cost?

Accepted Answer

Our fees are regulated by the National Credit Regulator and are built into your restructured payment plan - you don't pay anything extra upfront. The initial consultation is completely free.

Question 6

How long does debt review take?

Accepted Answer

The typical debt review period is 36-60 months, depending on your debt amount and income. Our unique approach also helps you start investing during this period, so you emerge debt-free with savings.

Question 7

Can I keep my car and house during debt review?

Accepted Answer

Yes! One of the key benefits of debt review is asset protection. As long as you maintain the restructured payments, your assets cannot be repossessed by creditors.

Question 8

Why does Trustory only take 10 clients per month?

Accepted Answer

We believe in quality over quantity. By limiting clients, Charlé can provide personalized attention to each case, answer your calls directly, and ensure the best possible outcomes. You're not a number - you're a valued partner in your financial journey.

Question 9

What is the AccessWealth investment program?

Accepted Answer

AccessWealth is our unique partnership with DuePoint that allows you to start investing while under debt review. From as little as R389/month, you can build an investment portfolio and life cover, changing your mindset from living on debt to living off investments.

Question 10

Can I qualify for debt review if I'm employed?

Accepted Answer

Yes, you need to have a regular income to qualify for debt review. This can be from employment, self-employment, or a pension. We'll assess your income against your debt obligations to determine if debt review is right for you.

Question 11

Who qualifies for debt review?

Accepted Answer

You may qualify if you're over-indebted (struggling to pay all bills and debts), have a regular source of income, and haven't had a judgment issued against you in the last 12 months.

Question 12

Is Trustory NCR registered?

Accepted Answer

Yes, Charlé Lombard is a registered debt counsellor with the National Credit Regulator. Our registration number is NCRDC4243. You can verify this on the NCR website.

From Debt to Wealth

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