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Answers to Commonly Asked Questions

Everything You Need to Know About Debt Review

What is Debt Review?

It is a legal process that helps over-indebted people settle their debts through education, budgeting and legal tools for debt restructuring, with the goal to reduce and ultimately eliminate debt.

What happens when you go under Debt Review?

MoneyWyze contacts your credit providers and negotiates lower instalments and interest rates with them on your behalf.

With Debt Review, all your payments are consolidated into one monthly instalment that you can afford.

Where can I find my credit reports?

There are four main credit bureaus in South Africa:

  • Experian,

  • TransUnion, 

  • Compuscan,

  • XDS

Our absolute favourite way to get up to date credit information is www.mycreditexpert.co.za which allows you to check your accounts and registered information as often as you would like

How long does it take to repair my credit?

This depends on:

  • How much debt you have,

    • The more credit you have, the longer it would take to pay off

  • What your disposable income is 

    • The more money you have available, the faster you can pay off your creditors​

We will find ways to ensure that you pay off all your accounts as fast as possible

How can I improve my credit score?

The nice thing about debt review is that, once all your debts have been consolidated into one affordable monthly premium, once you have paid off all of your debts, you will have a good credit score which shows that you have been a diligent payer.

 

By paying and completing your debt review as agreed, your credit score will fix itself

What happens after Debt Review is done?

We will issue a Debt Review clearance certificate which proves that you have completed the process and that you are no longer under Debt Review.

You will also have an improved credit score since there will be a full track record of you meeting the repayments as agreed.

Have more questions? 

Let us call you!

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