Debt Review is a debt management technique that is most suitable for over-indebted consumers. Being over-indebted is a financial position where a consumer’s income is insufficient to cover their total monthly living expenses as well as their total monthly debt repayments.
In order to restore financial stability, National Debt Helpline will formally negotiate with all concerned creditors to reduce your monthly debt repayments. This is done by carefully evaluating your financial position and establishing how much each consumer is able to pay their creditors while being left with sufficient money to comfortably cover all living expenses.
National Debt Helpline strives to make the Debt Review process as easy as possible for consumers. As such, you will only do a quick financial assessment with us and thereafter we will send you an application form to read sign and return to us. Once this is done, your role will be completed and the debt counsellor will do all the relevant work and provide you with feedback on a regular basis.
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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.