QUESTION: Is it better to get debt consolidation or to be under debt review?
ANSWER: Capitec Bank gives a good explanation of the different options when you get into trouble with too much debt and struggle to keep up with your monthly payments. Apart from debt consolidation and debt review, there is also debt administration through a court order and selling of assets (voluntary sequestration).
Sequestration is the only option where debt can be written off to start afresh (when assets are not enough to repay all debt).
Debt Consolidation
Debt consolidation is where you use one single loan (personalised or on security of a house or other assets or security) to pay off all other loans.
It simplifies your debt problem and makes it easie…
Read the full article at: https://www.fin24.com/Economy/South-Africa/money-clinic-when-do-you-need-debt-consolidation-or-a-debt-review-20190115-2