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If one is overwhelmed by debt, placing yourself under debt counselling provides you with the much needed relief. However, there are pros and cons for applying for debt review which one must weigh before applying:


  • Your assets are protected while under debt review.
  • Interest rates on your accounts are reduced.
  • The consumer is flagged under debt review and but there is no permanent record of having undergone debt counselling on credit bureaus.
  • You pay one reduced monthly affordable amount that pays all your accounts.
  • You will no longer receive calls from credit providers and lawyers demanding payment.


  • You cannot apply for more credit while under debt review.
  • If you are married in COP and one is not struggling, you both have to apply.
  • You might take longer to pay off your debt as result of paying lower monthly instalments.
  • If you apply for debt review and you miss payments while under debt review, credit providers terminate your application and take legal action.
  • Fees become payable while under debt review in month 1 and these fees are set by the law. Legal fees also become payable in month 2. Legal fees vary from one debt counsellor to the other. Most of these fees will however be worked into your repayment plan.

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