The debt review process, introduced into our consumer legislation in 2007, is widely touted as the best solution for consumers who have become over-indebted, and in these difficult times, debt counselling firms have seen a surge in applications. But although it offers a lifeline for people drowning in debt, it should not be undertaken lightly, and only when you have exhausted other debt-reduction options and know exactly what the process entails.
Back in 2019, the National Credit Regulator (NCR) warned against aggressive and misleading marketing practices by debt counselling firms. Recently, at Capitec’s annual general meeting in
