Our Debt Counsellor will do an initial assessment to check whether you are over indebted. If your expenses are higher than your income, you are over indebted. Our debt Counsellor will also check for any reckless lending contracts. We will set up an appointment to consult with you.
This could be a face to face consultation at one of our branches or a telephonic consultation.
We will then contact all your Credit Providers as well as the Credit Bureaus to verify your debt and inform them of your debt review application. The credit providers will provide us with a certificate of balance with your outstanding balance, current installment and interest rate. Our debt counsellor will restructure a manageable payment plan showing your income and essential expenses, a lower installment and interest rate over a longer term and negotiate with the creditors for an acceptance of the proposal.
The Debt Counsellor will provide you with a final repayment plan and this repayment plan is also submitted to a Payment Distribution Agency (PDA). The aim of this is to collect a single payment from you and ensure that the correct amount is paid to all Credit Providers on a monthly basis. This will continue until the debt has been repaid. We are there to make sure that you keep up with your payments and to monitor the payment process to ensure that it is run smoothly. Once you have settled all of your debts, we issue you with a clearance certificate and instruct the credit bureau’s to take the debt review listing off your name.
YOU ARE THEN ABLE TO HAVE A FRESH START TO A DEBT FREE LIFE!!!