Debt Review - The Process
You would fill in the application forms we supply, from which we calculate your financial state and degree of over-indebtedness. Once we establish possible over-indebtedness (at present or risk of future over-indebtedness) we inform your creditors that you have entered the debt review process, your financial affairs will be assessed by our offices and therefore all correspondence and/or queries should be negotiated through your Debt Counsellor.
By sending a formal request for all accounts held by your Credit Providers, known as a Form 17.1 (As prescribed by the National Credit Act) we inform all your creditors of the start of the process. The request further obligates the Credit Provider to supply our office with the current balance, contractual installment, interest rate and clear communiction channel to be used for future communication.
We will also supply you with a formal letter which can be shown to any creditor and has the full contact details of your personal Debt Counsellor. No more contact from creditors means no more stress!
The next formal step takes effect no more than 30 days later when we send them the Form 17.2 (confirmation of over-indebtedness) and proposal to your Creditors. The negotiations commences via correspondence if they are unsatisfied with the Proposed repayment plan.
At this stage, they have 10 days to respond to the Proposal by either accepting the payment plan or providing our office a repayment proposal that will be acceptable to them. Once a response has been received on all accounts, we revisit your Budget and consult with you to see whether there are any further adjustments that can be made to accept their counter offers, if any counter offers are received.
The Debt Counselling Application must be referred to either the Magistrates' Court or the National Consumer Tribunal within 60 days after application for Debt Review for an Order to be Granted confirming the Repayment Plan.
Once we have agreed on a repayment structure that adresses both your own needs and that of your Creditors, it will be made an order of court and are you off to financial stability once again.
We offer a full service from the beginning of the process, progress reports during the process and aftercare.
Please feel free to contact us for any further enquiries or to enter into stress free repayments today.