Debt Review is a legal process which is based on the purpose of the National Credit Act. Debt Review aims to protect consumers. Here is the purpose of this Act taken directly from the Government Gazette:
The purposes of the National Credit Act is to promote and advance the social and economic welfare of South Africans, promote a fair, transparent, competitive, sustainable, responsible, efficient, effective and accessible credit market and industry, and to protect consumers because:
(a) First of all, the National Credit Act is to Promote the development of a credit market that is accessible to all South Africans, due to to those who have historically been unable to access credit under sustainable market conditions;
(b) So, ensuring consistent treatment of different credit products and different credit providers.
(c) Promoting responsibility in the credit market while,
(i) Encouraging responsible borrowing, avoidance of over-indebtedness and fulfillment of financial obligations by consumers while
(ii) Discouraging reckless credit granting by credit providers and contractual default by consumers.
(d) Promoting equity in the credit market by balancing the respective rights and responsibilities of credit providers and consumers therefore
(e) Addressing and correcting imbalances in negotiating power between consumers and credit providers while,
(i) Rather providing consumers with education about credit and consumers rights.
(ii) Therefor, providing consumers with adequate disclosure of standardized information in order to make informed choices while,
(iii) Providing consumers with protection from deception, and form unfair or fraudulent conduct by credit providers and credit bureaus.
(f) Improving consumer credit information and reporting and regulation of credit bureaus;
(g) Addressing and preventing over-indebtedness of consumers, and providing mechanisms for resolving over-indebtedness based on the principle of satisfaction by the consumer of all responsible financial obligations;
(h) Therefore, the National Credit Act Provide for a consistent and accessible system of consensual resolution of disputes arising from credit agreements; and
(i) As a result, providing for a consistent and harmonized system of debt restructuring, enforcement and judgement, which places priority on the eventual satisfaction of all responsible consumer obligations under credit agreements.