How Debt Counselling Works
Our first task is to assess your financial situation and to establish whether you qualify for debt counselling. Should you qualify and accept the Debt Review Process…
- We will prevent any legal action being taken against you in the future and we will negotiate a payment plan with your creditors. This will enable you to survive without financial stress until your debts are settled satisfactory and your assets are secure.
- You then sign our application form and pay the regulated fee of just R50.00
- We advise all your creditors that you are under review as well as the Credit Bureaus. This is to prevent them taking any action against you.
- We work out a proposal for payments to creditors and send copies to all creditors for approval.
- Should the proposal be accepted by all creditors, then a consent order will be applied for in the Magistrates Court.
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Debt Counselling saved my marriage! I wish I had decided sooner to apply for debt counselling, it would have save me and my family so much suffering (and money!) – Sylvia Buthelezi, Umlazi.
If agreement with your credit providers cannot be reached, the matter will be handed to an attorney to launch an application to court for enforcement of proposal terms.
Information and Documentation We Require for Debt Counselling
We will require full details of all your income, expenses and all creditors as well as any information that is relevant. Documents required will be application form, pay slip/s, copies of latest account statements, bank statements if account held and copy of ID Book/s.
[Note that if you are married in community of property, your spouses details and documents will also be required]
Please bear in mind that Debt Counselling has certain consequences:
- You may not enter into any credit agreement while under debt review.
- You may not use any credit facilities whilst under review.
- All credit cards/store cards/garage cards must be destroyed.
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