Process
Documentation Required
The following documentation will be necessary:
- Identity documents
- Recent salary advice or proof of income
- Proof of residence
Debt Review Process
01
Step 1
Schedule an appointment with our Registered Debt Counsellor.
02
Step 2
An 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.
03
Step 3
You then complete and sign the document provided for formal application for Debt Counselling, whereupon we will apply for Debt Restructuring.
04
Step 4
Notification 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
05
Step 5
A 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.
Our fundamental aim is to strive towards the Creditors agreeing to and accepting the re-structured terms.
06
Step 6
The Debt Counsellor completes all administrative requirements, in compliance with the agreed re-payment structure.
07
Step 7
A 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.
