The following documentation will be necessary:
- Identity documents
- Recent salary advice or proof of income
- Proof of residence
Debt Review Process
Step 1Schedule an appointment with our Registered Debt Counsellor.
Step 2An assessment will be made to determine if you are over-indebted, and to assess to what extent. This assessment is based on a Free Credit report that will be included in the first consultation.
Step 3You then complete and sign the document provided for formal application for Debt Counselling, whereupon we will apply for Debt Restructuring.
Step 4Notification of your application will be submitted to all Credit Providers, the National Credit Regulator as well as Credit Bureaus.
- Balances will be verified with Creditors
- No additional applications for new credit is permissible whilst under Debt Review
Step 5A debt repayment plan will be discussed, thereafter a formal proposal will be sent to Creditors, as well as to a Payment Distribution Agency (***PDA). Your Debt Review Application will also be referred to the Magistrate Court.
Our fundamental aim is to strive towards the Creditors agreeing to and accepting the re-structured terms.
Step 6The Debt Counsellor completes all administrative requirements, in compliance with the agreed re-payment structure.
Step 7A Clearance Certificate will be issued once all Debt Obligations are settled ; as per the Granted Court Order. The Debtor's name will be cleared from the Credit Bureau listings.
*** PDA – A monthly payment will be made to a Payment Distribution Agency, who will distribute your payment in accordance to the Debt Restructuring plan. The PDA is appointed by the National Credit Regulator.