Can Personal Loans Be Included in Debt Review?
Yes, personal loans can generally be included in debt review. Personal loans are unsecured credit agreements governed by the National Credit Act, and a registered debt counsellor can restructure the repayments as part of your overall debt-review plan. The exact terms depend on your affordability, the credit provider and the applicable legal process.
Key Points
- Personal loans are unsecured credit and can usually be included.
- Repayments are restructured based on affordability.
- Interest rates may be negotiated where creditors agree.
- Discuss all your loan agreements with your debt counsellor.
How are personal loans treated under debt review?
Personal loans are unsecured, meaning they are not backed by an asset like a vehicle or property. Under debt review, your debt counsellor includes these loans in a single restructured repayment plan and proposes revised terms to the credit providers.
The goal is to make the combined monthly repayment affordable while you work toward settling the capital you owe.
Can the repayments be reduced?
Repayment amounts may be reduced by extending the repayment term and, where creditors agree, by negotiating lower interest rates. The outcome depends on your individual circumstances, the credit providers involved and the applicable restructuring rules.
Reductions are not automatic or guaranteed, but they are common in formal debt-review proposals.
What should you tell your debt counsellor?
Provide full details of every personal loan, including the creditor, outstanding balance, monthly instalment and interest rate. Incomplete information can lead to an inaccurate restructuring proposal.
If you have taken out several loans from different providers, list all of them so the counsellor can include every applicable agreement.
Frequently Asked Questions
Worried That Your Debt Has Become Unaffordable?
Debt Guidance can assess your income, essential expenses and debt commitments to determine whether debt review may be appropriate.
Reviewed by Carolina Guevara Harris
Registered Debt Counsellor · NCRDC3152
Last updated: 17 September 2025
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