Under Debt Review - Need a Loan

Under Debt Review - Need a Loan

Under Debt Review - Need a Loan

Can you get a loan under debt review?

If you are under debt review and think you need a loan, then something is seriously wrong. You are under debt review because you can't afford the full repayment of the debt that you have. The point of debt review is to repay your debt with an affordable yet reasonable amount. The credit bureau is notified of your application for debt review. No creditor should extend any form of credit to a consumer under debt review.

If you believe you need a loan because you find that cannot afford your debt review repayments, then it is possible that your budget wasn't calculated correctly, or your financial situation has changed.

If this is why you are looking for a loan, then you should rather speak to your debt counsellor and see if you can get your repayments restructured.

If you would like to get a loan to make a discretionary purchase ie a nice to have, not a must have, then it is unlikely that the court will restructure your existing loan.

If you liked this article you may find these property and finance articles interesting as well.

What does inflation mean to a consumer?
Understand how to work with inflation to your advantage.
What is meant by the cost of money?
Basic explanation of opportunity cost & how it relates to the interest rate.
Principles of financial gearing
How to control a large investment with a small amount of money.
A strategy for long term wealth creation
Factors to consider before investing in anything.
Property vs Equity
Advantages of property investments over stock.
Straight Talk with a Debt Counsellor
What you never knew about debt review and debt counselling.
National Credit Act
National Credit Act and Debt Review/Debt Counselling
Take Me Back Home!