Debt review companies
Old Mutual debt consolidation review
By Lerato Molefe · 6 min read · Updated 24 June 2026
- What it is
- A debt consolidation loan, not debt review
- Provider
- Old Mutual, a registered credit provider and financial services group
- How it works
- One new loan settles several debts; you repay the loan
- Credit flag
- No debt review flag, but a new loan is recorded
- Legal protection
- No NCA debt review protection from creditors
- Contact
- Via official Old Mutual channels only
Old Mutual debt consolidation is a loan product that combines several debts into one new loan with a single monthly repayment, offered by the well-known South African financial services group. It is debt consolidation, not debt review: you take on new credit to settle old debts, so your credit profile is not flagged as under debt review, but you also do not get the legal protection that debt review provides.
This guide explains how Old Mutual debt consolidation works, who it suits and the risks. We are independent and not affiliated with Old Mutual.
Getting the difference right matters. Consolidation can simplify payments if you qualify and stay disciplined, while debt review is for people who are genuinely over-indebted and need protection from creditors.
How Old Mutual debt consolidation works
Debt consolidation means borrowing one new loan to pay off several existing debts, leaving you with a single monthly repayment, often over a longer term. If you qualify, Old Mutual settles your listed debts and you repay the new loan.
The appeal is simplicity and, sometimes, a lower monthly payment. The catch is that a longer term can mean you pay more interest overall, and you need the discipline not to run the old accounts back up.
Consolidation vs debt review
| Aspect | Old Mutual consolidation | Debt review |
|---|---|---|
| What it is | A new loan | A legal restructuring process |
| New credit taken | Yes | No |
| Debt review flag | No | Yes, while active |
| Protection from creditors | No | Yes, under the NCA |
| Need to qualify for credit | Yes | No |
| Court involvement | No | Yes, where required |
Consolidation suits people with a stable income who can still get credit and want one simpler payment. Debt review suits people who are over-indebted and cannot keep up, because it forces creditors to accept a reduced plan.
Who it suits and the risks
Old Mutual debt consolidation can work if you have a reliable income, qualify for the loan and are confident you will not use the freed-up credit limits again. It keeps you out of formal debt review and off that flag.
The risks are real. If you cannot get approved, this route is closed. If you take a longer term, you may pay more in total interest. And if you keep spending on the old cards, you can end up worse off than before. For people who are already over-indebted, debt review is usually the safer protection.
Your rights as a consumer
Any consolidation loan is a credit agreement under the National Credit Act, so the lender must do an affordability assessment and may not lend recklessly. You are entitled to a clear breakdown of the interest rate, fees and total cost of credit before you sign.
If you believe a loan was granted recklessly or you have a dispute, you can escalate to the National Financial Ombud (NFO), which absorbed the Credit Ombud in 2024. The National Credit Regulator (NCR) oversees credit providers.
Frequently asked questions
Is Old Mutual debt consolidation the same as debt review?
No. Consolidation is a new loan that settles your old debts. Debt review is a legal restructuring process under the NCA. Consolidation does not flag you as under debt review but gives no legal protection from creditors.
Who qualifies for Old Mutual debt consolidation?
You generally need a stable income and a credit profile that still allows you to borrow. People who are over-indebted often do not qualify, which is where debt review fits instead.
Does consolidation hurt my credit score?
Taking a new loan is recorded on your profile, and closing old accounts can change your score. It does not add a debt review flag, but missing payments on the new loan will harm your record.
Is consolidation cheaper than debt review?
It depends. A longer consolidation term can mean more interest overall, while debt review adds counselling fees. Compare the total cost, not just the monthly payment.
Can I switch from consolidation to debt review later?
Yes. If a consolidation loan does not solve the problem and you become over-indebted, you can apply for debt review through an NCR-registered counsellor.
How do I contact Old Mutual about consolidation?
Use the official Old Mutual website or your existing Old Mutual contact channels. We do not publish phone numbers because they change.
Where do I complain about a consolidation loan?
Disputes about a credit agreement go to the National Financial Ombud (NFO), which absorbed the Credit Ombud in 2024. The National Credit Regulator oversees credit providers.
