Are you tempted to say yes when somebody calls to offer you debt review because you feel as if you are drowning in debt?
Although debt review can be a lifesaver for consumers drowning in debt, it is not a one-size-fits-all solution and not a decision that consumers should enter into lightly. The best advice is to approach it cautiously and understand the implications fully.
However, he says, if your credit score has taken a hit due to high debt levels, qualifying for a consolidation loan might be difficult. That is where debt counselling or review comes in.Debt counselling assesses your financial situation, Gopichand says. If you are declared over-indebted, you might be placed under review. This is where a debt counsellor steps in to:While debt counselling offers assistance, there are hurdles.
“There is a strict legal constraint in the National Credit Act that prohibits consumers under debt review from incurring any further debts. This means that for the duration of the review period, which can be up to five years, consumers under review may not take out new loans.
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