Debt Review: The Treatment a Debt-Weary Nation Needs

Every over-indebted South African might be asking the same question: What’s the easiest, cheapest, and quickest way to become debt-free?

“Debt counsellors have been trying to answer this question for years. Every situation is unique. What works for one person may not be right for another. For many, however, debt review is the safest, most affordable, and most sustainable route to financial freedom,” says Chris Coetzee, CEO of FinFix.

“Like any crucial intervention, the path to financial health is demanding. It requires commitment and discipline, but debt review delivers results. You’ll need grit and a few lifestyle adjustments, but you can become debt-free. First, stop making new debt. Second, pay off what you owe in a reasonable timeframe.”

South Africa’s Debt Doldrums

Across the country, millions of households face the stress of missed payments, creditor calls, and the monthly squeeze of rising costs. Many are overwhelmed by ballooning debt burdens with little sense of escape. In this environment, debt review is often misunderstood, mischaracterised, or dismissed altogether.

Yet Coetzee is clear: debt review is not a last resort, it’s a lifeline.

“It’s not a quick fix or a magic wand. But when used correctly and followed diligently, it heals, protects, and restores financial dignity,” he says.

Myths Holding People Back

Myth 1: Debt review lasts forever.
Not so. Most debt review plans span three to five years. With each payment, consumers move closer to clearance. Once debts are settled, a clearance certificate is issued, credit records are updated, and normal access to credit can resume.

Myth 2: You’re blacklisted for life.
This is fearmongering. Many credit providers, even banks, view successful completion of debt review as a sign of discipline and responsibility. For those already in arrears or stuck with high-interest loans, their credit is already impaired. Debt review provides a structured way to rebuild it.

Myth 3: You’ll have to sell your assets.
Incorrect. As long as you comply with the plan, your car, home, and essential assets remain protected. “It’s not about punishment, it’s about protection,” Coetzee explains.

“Debt counselling has been stigmatised over the years. Not all criticisms were unfair, but the industry has come a long way. It’s now easier than ever to find a reliable, efficient debt counsellor,” Coetzee adds. “Make sure they’re registered, ask for their certificate, check their years in service and reviews and be wary of offers that seem too good to be true.”

How Debt Review Works

1. Assessment & Application
   A registered debt counsellor evaluates your income, expenses, and liabilities to see if debt review is viable.
2. Protection & Proposal
   Creditors are notified while your counsellor negotiates reduced instalments and interest rates. The restructuring is then approved by a court.
3. Repayment via Distribution
   You make one affordable monthly payment to a Payment Distribution Agency (PDA), which allocates it to your creditors.
4. Review & Completion
   Over 36–60 months, debts are settled. A clearance certificate is issued, and your credit profile is updated.

During the process, you cannot take on new debt and must stick to the plan. It’s not painless, but it often brings clarity, relief, and a chance to build healthier financial habits.

From Misunderstood to Mainstream

Debt review has matured into a credible, regulated solution. Stricter oversight from the National Credit Regulator (NCR), accreditation standards for counsellors, transparent fee structures, and digital monitoring systems have transformed it into a trusted pathway.

What began as a misunderstood, last-resort measure is now a mainstream tool for rebuilding personal finances.

The Courage to Pursue Recovery

Debt review isn’t easy. It requires honesty, discipline, and sacrifice. But its promise is powerful: restored financial autonomy, legal protection from collection threats, and the ability to rebuild with intention.

“We’ve heard it all: you’ll never get credit again; you’ll be blacklisted; you’ll be stuck in debt review forever. None of this is true,” Coetzee says. “What is true is that you can reclaim your financial life, one payment at a time.”

“How many working South Africans can say, ‘I am debt-free’? We see them every day,” Coetzee adds. “People who began the process a few years ago and have just made their last payment. They can proudly say they’re debt-free and ready to start anew.”

Choosing debt review means confronting denial with treatment and accepting short-term discomfort for long-term health. For a nation burdened by debt, it may well be the cure we need.

Consumers struggling to keep up with repayments can visit finfix.co.za for a free, no-obligation assessment.