The primary purpose of Debt Counselling is to immediately restore financial stability to over-indebted consumers and help such consumers become debt free as soon as possible. Debt Counselling is a formal negotiation process between a Debt Counsellor and credit providers to restructure a consumer’s debt obligations to an affordable amount for the consumer.
Debt Counselling is an ideal debt management solution where a consumer is over-indebted, cannot afford to pay their total monthly debt repayments and wants to pay ONE reduced monthly payment that will cover all of their debt obligations. .
Here is a brief outline of the debt review process:
Step 1: Fill in our Free Call Back Form on the right of this page.
Step 2: We will call to do a free financial assessment with you. This will include a free credit report check.
Step 3: We will send you your application form for you to read, sign and return back to us.
Step 4: The Debt Counsellor will notify all creditors and credit bureaus of your application for Debt Review.
Step 5: All concerned creditors will respond with updated balances for all of your credit agreements within 5 days of having receiving the notification of your application for Debt Review.
Step 6: The Debt Counsellor will determine your over-indebtedness level and advise creditors of your successful application for Debt Review.
Step 7: The Debt Counsellor will restructure your monthly debt repayments with all creditors to ensure that you only pay what you can afford to pay your creditors.
Step 8: Once all negotiations with your creditors are concluded, the Debt Counsellor will refer your application either to the National Credit Tribunal or Magistrates Court for a court order.
Step 9: Once a court order is issued, the consumer will continue making payments as restructured until all debts are paid up (excluding a bond).
Step 10: Once all debts are paid up (excluding a bond), a clearance certificate will be issued to the consumer, all concerned creditors as well as all registered credit bureaus to indicate that the consumer is now debt free.