While under debt review, you are flagged with a credit bureau as being under review. This mark will stay on your credit record until you've completed the process, which can take several years. This makes it challenging to secure new credit during this period.
Caught in the intricate web of debt, many individuals in South Africa seek relief through the structured process of debt review. While this avenue offers a lifeline to manage financial obligations, circumstances can change, leading to a desire for financial independence.
Where the Creditor is in possession of a Liquid Document (valid acknowledgment of debt), our law provides for curtailment of proceedings because an acknowledgment of debt is regarded as prima-facie evidence of indebtedness. Our law provides for quick remedies in cases where the Creditor holds a Liquid document.
