Consumer Solutions

Debt Review

Debt review is a legal process that helps consumers who are struggling with debt. It involves a registered debt counsellor working with a consumer's creditors to negotiate a more manageable repayment plan. 
 

Debt review can help consumers:

• Reduce monthly payments: Consumers may be able to pay less each month for a longer period of time. 

• Protect assets: Debt review can protect consumers from legal action, such as creditor harassment and repossession. 

• Improve financial management: Debt review can help consumers learn how to manage their money and debt more effectively in the future. 

Debt Consolidation 

Debt consolidation is the process of combining multiple debts into a single loan or credit card, which can make it easier to manage repayments: 
 

Benefits of debt consolidation include:

• Lower interest rates: You may be able to get a lower interest rate on the new loan. 

• Lower monthly payments: The new loan may have a longer term, which can result in lower monthly payments. 

• Faster debt repayment: You may be able to pay off your debts faster. 

• Improved credit score: Paying off debts on time or faster can improve your credit score. 

Mediation 

Debt mediation is a process that helps consumers negotiate with their creditors to reduce their monthly debt payments and interest rates. It can be an alternative to filing for bankruptcy and can help people get their finances back on track. 

Debt mediation is different from debt review, which involves restructuring all your debt into a single monthly repayment plan. Debt mediation is also non-binding, meaning you can stop the process at any time. However, creditors can still take legal action to recover money you owe them
 

Debt Review Removal

Debt review removal is the process of removing a debt review flag from a person's credit profile after they have completed their debt repayment obligations. This can be done in a few ways: 
 

• Pay off all debts

  If all debts are paid off, the debt counsellor will issue a clearance certificate. The debt counsellor can then instruct the National Credit Regulator (NCR) to remove the debt review listing from the person's credit profile. 
   

• Rescind a court order

  If all debts are not paid off, a court application can be made to rescind the debt review order. This requires renegotiating payment terms with creditors and making payments on outstanding amounts. 
   

• Prove not over-indebted

  Before a court grants a Debt Re-Arrangement Order, a person can apply to remove the debt review flag by proving they are not over-indebted.

Legal Cover

Legal litigation cover is a type of insurance that helps cover the costs of legal disputes, including the fees for hiring a lawyer and representing a client in court. Legal litigation cover can also help with other legal expenses, such as court and filing costs, and any payouts or settlements. 
 

Legal litigation cover can help with a variety of legal issues, including: