If you’re struggling with debt and worried about losing your home or car, you’re not alone. Many South Africans face financial difficulties, often feeling overwhelmed by multiple monthly repayments. Fortunately, debt review can protect your assets while helping you regain control of your finances.
At Meerkat, we’ve helped thousands of South Africans get out of debt safely and successfully. Voted as one of the Top 5 Debt Counselling Companies in South Africa, we are committed to protecting your financial future. Let’s explore the benefits of debt review, your rights, and answer common questions about managing finances while under debt review.
What Are the Benefits of Debt Review?
Debt review, also known as debt counselling, is a regulated financial solution designed to help South Africans avoid repossession, lower their monthly repayments, and achieve financial freedom. Here are the key benefits:
✅ Protects Your Home and Car from Repossession
One of the biggest concerns people have when struggling with debt is: "Can I lose my house under debt review?" The good news is that once you’re under debt review, your home and car are legally protected from repossession as long as you comply with the new repayment plan. This gives you peace of mind and allows you to focus on settling your debts.
✅ Reduces Monthly Debt Payments
Under debt review, a registered debt counsellor negotiates with your creditors to lower your monthly instalments, ensuring they are affordable based on your income. With Meerkat, you can save up to 50% on your monthly debt repayments.
✅ Combines All Your Debts into One Affordable Payment
Instead of juggling multiple repayments, debt review consolidates all your credit agreements into one structured monthly payment, making it easier to manage your finances.
✅ Stops Harassment from Creditors
Once you enter debt review, creditors and debt collectors are legally prohibited from contacting or harassing you. This means no more threatening phone calls, emails, or legal action against you.
✅ Prepares You for a Debt-Free Future
At Meerkat, we don’t just help you through the debt review process – we help you build an emergency savings fund so that once you’re debt-free, you stay that way!
Can I Open a Clothing Account While Under Debt Review?
A common question is: "Can I open a clothing account while under debt review?" The short answer is no. While under debt review, you are legally not allowed to take on any new credit until you have completed the process and received your debt review clearance certificate.
This is to protect you from falling deeper into debt while ensuring you pay off your existing obligations. However, once you complete the debt review process, you can rebuild your credit responsibly.
Can I Lose My House Under Debt Review?
Many people worry about losing their homes or cars when facing financial difficulty. The good news is that debt review is designed to prevent repossession. As long as you stick to the new, reduced repayment plan negotiated by your debt counsellor, your creditors cannot repossess your assets.
However, if you stop making payments while under debt review, your creditors may apply to the court to take legal action against you. This is why choosing a reliable debt counselling company like Meerkat is crucial – we guide you every step of the way to ensure your home and car remain protected.
What Are My Rights Under Debt Review?
As a consumer, you have specific legal rights under the National Credit Act (NCA) when you enter debt review:
- You Have the Right to Protection from Creditors – Once you are under debt review, creditors cannot take legal action against you as long as you adhere to the repayment plan.
- You Have the Right to a Reduced, Affordable Repayment Plan – A registered debt counsellor will work with your creditors to reduce your monthly instalments.
- You Have the Right to Financial Security – Your home and car cannot be repossessed if you comply with your debt review agreement.
- You Have the Right to Apply for a Debt Clearance Certificate – Once you have settled your debts, you can request a debt review clearance certificate, which allows you to access credit again and move forward financially.
Why Choose Meerkat for Debt Review?
Choosing the right debt counselling partner can make all the difference in your financial journey. Here’s why Meerkat is the best choice for you:
🌟 Top 5 Debt Counselling Company in South Africa – Recognised for excellence in debt counselling services.
💰 Save Up to 50% on Your Monthly Debt Repayments – We negotiate with your creditors to lower your monthly payments.
🏡 We Protect Your Home and Car – We ensure your assets are protected while you pay off your debt.
🛑 No More Harassment from Creditors – Once you’re under debt review with Meerkat, creditors can no longer harass you.
💡 We Help You Build an Emergency Fund – Unlike other debt counsellors, we don’t just help you with debt – we help you save so that you never fall back into financial trouble.
Take Control of Your Finances Today
If you’re drowning in debt and worried about losing your home or car, Meerkat is here to help. Our team of NCR-registered debt counsellors has already helped thousands of South Africans get out of debt and regain financial freedom.
👉 Don’t wait until it’s too late – protect your assets today!