Debt Review and Debt Mediation: Frequently Asked Questions
Straight answers to common questions about debt review, debt counselling and getting help from Credit Rescue.
Common questions
What is debt review?
Debt review is a formal process under the National Credit Act for consumers who are over-indebted or struggling to keep up with their repayments. A registered debt counsellor assesses your income, expenses and debts and, if you qualify, may propose a restructured repayment plan to your credit providers.
Is debt review the same as debt counselling?
In practice, yes. Debt counselling is the term the National Credit Act uses for the service provided by registered debt counsellors, and most people simply call it debt review.
Who qualifies for debt review?
Debt review is designed for consumers who are over-indebted, or at risk of becoming over-indebted, and who still have an income. A debt counsellor decides whether you qualify after assessing your situation.
What happens to my credit record?
Credit providers and credit bureaus are notified when debt review begins, so your credit profile will show that you are under debt review. While it applies, you generally cannot take on new credit.
Do all my debts have to be included?
All eligible credit agreements are normally included in the process. Your debt counsellor will confirm which accounts qualify.
How long does debt review take?
It depends on the amount you owe, your income and the repayment plan that is agreed. A debt counsellor can give you a realistic estimate after assessing your finances.
What is a clearance certificate?
A clearance certificate is issued once the debts included in the debt review have been paid in full. It is the usual step towards having the debt review status removed from your credit profile.
Can debt review be removed early?
There are legitimate routes in specific circumstances, such as paying the debts included in the review in full, or applying through the proper legal process. Be careful of anyone who promises quick or guaranteed removal. See our Debt Review Removal page for more.
How do I get started with Credit Rescue?
Complete the form on our contact page. A Credit Rescue consultant will contact you using your preferred contact method. The assessment is free and confidential, with no obligation.
Should I put my ID number or bank details on the form?
No. Please do not include ID numbers, bank details or account numbers in the form. A consultant will tell you what information is needed, and how to share it safely, when they contact you.
This page is general information and not legal or financial advice. Your debt counsellor can explain how the rules apply to your situation.