Debt Counselling

Debt counselling is a highly effective way to become debt free.

We will manage the whole process and take away your stress of having threatening calls and messages sent to you. We will ensure that you have a plan in place that will settle your debt in the quickest period possible and you will understand how the system is helping you. The key is ensuring you understand what Debt review is doing for you and that your debt is reducing monthly. People who see the value in the process continue until they are Debt Free.

SEVEN STEP PROCESS

The process is made up of the following easy-to-follow steps:

1. Provide your details

You provide the Debt Counsellor with comprehensive details of your income, monthly budget and debt commitments.

REQUIREMENTS

  • Income Statements
  • Monthly Budget
  • Debt Commitments

2. Debt Assessment

The Debt Counsellor will use your information to assess your situation.

Once an initial assessment is completed, and the information indicates that you are over-indebted, the Debt Counsellor will set up a personal consultation with you.

3. Create new budget

A new budget will be drawn up and agreed upon. You will then be provided with the details of the costs and your new interim repayment plan. Once those steps are completed, your application will be accepted.

PROCESS
  • Create new Budget
  • Budget Approved
  • Application Accepted

4. Negotiate with Credit Providers

Once your Credit Providers, as well as the Credit Bureau, are contacted to verify the debt, the repayment plan will be submitted to the Credit Providers for approval. This plan may include making use of the negotiated fee and rate concessions agreement made with Credit Providers. The reduction of fee and rate concessions, as well as the extension of terms, will assist in the negotiation of a repayment plan. It is vitally important that a reasonable plan be made.

5. Approval of payment proposal

Once the negotiations are over, a court order will be obtained from the Magistrates’ Court. You will then be well on your way to a less stressful financial future.

6. Implement new payment plan

You will commence payments from the very first payday after you apply for Debt Review. The agreed-upon repayment plan will require only a single monthly payment until your debt has been repaid.

Once you have applied for Debt Counselling, your Credit Providers cannot commence with any legal action for a period of 60 business days. This allows time for the Debt Review process to be completed.

7. Post debt repayment

Once you have repaid your debt in terms of the rearrangement agreement, you can request a Clearance Certificate from your Debt Counsellor. You’ll then be free to apply for new credit. All records of the Debt Counselling and agreements that were covered by it will be removed from the Credit Bureau.

Expert help

Your debt counsellor will thoroughly review your finances with you.

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Unlock cash

Through our negotiations, we reduce your monthly debt payments, unlocking more cash for living expenses.

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Better budgeting

Your debt counsellor will help you draw up a realistic monthly budget.

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Creditors handled

We negotiate with your credit providers to reduce your interest rates.

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Legal protection

Debt counselling decreases summonses and judgements against you.

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Avoid bankruptcy

With debt counselling, you are protected from bankruptcy.

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