CAN I APPLY FOR MORE CREDIT WHILE UNDER DEBT REVIEW?

CAN I APPLY FOR MORE CREDIT WHILE UNDER DEBT REVIEW?

According to section 88(1) of the National Credit Act (NCA) 34 of 2005, you shouldn’t incur any new charges under a credit facility while you’re under debt review.

When you apply for debt review, your profile is flagged to show that you’re under debt review. This means that if you apply for new credit, the credit provider will see this flag on your credit report. Under the NCA, you can’t enter into any new credit agreements while you’re under debt review.

If a credit provider extends credit to someone flagged as under debt review, it’s considered reckless lending.

CAN I APPLY FOR MORE CREDIT WHILE UNDER DEBT REVIEW?

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