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How Our Debt Counselling Process Works
You complete an application form and provide us with the details of all your Credit Providers. (Consultations are usually done telephonically and by e-mail, but can also be done in person.)
We determine whether you are over-indebted, in other words, do your monthly expenses and debt exceed your monthly income?
If you are over-indebted, we shall inform all your Credit Providers and the Credit Bureaus that you are under Debt Review. Your Credit Providers will also be requested to provide us with all the balance and other information in respect of your accounts.
(You will immediately start paying a single provisionally reduced monthly instalment in respect of all your Credit Providers which will be affordable to you. During the first 60 working days, legal action may not be taken against you in respect of the debts that are under review.)
After receiving all the account information, we will restructure your payment plan and negotiate with your Credit Providers where necessary. After negotiations with your Credit Providers, your new restructured payment plan will be sent to all your Credit Providers and this payment plan will take effect.
(Your restructured payment plan will reduce your monthly debt repayments to an affordable amount, leaving you with sufficient money for your living expenses.)
We will instruct our specialist attorneys to apply to court to make your restructured payment plan a court order. You will not have to appear in court yourself, as your Debt Counsellor will be the applicant in the matter, unless the particular magistrate requires your presence.
(The process will now be completed and you must ensure that your monthly payments are made timeously in order to prevent Credit Providers from taking action against you.)
What is Debt Counselling
The National Credit Act formally introduced Debt Counselling to assist over-indebted consumers like yourself by developing a repayment plan, which is affordable to you as well as acceptable to all your Credit Providers.
This process is intended to assist over-indebted consumers struggling with debt, through budget advice, negotiation with credit providers for reduced payments and restructuring of debts.
To qualify for debt counselling, you need to be over-indebted as defined by the NCA – that is, you are unable to meet all your financial obligations in a timely manner. This is determined by a debt counsellor and basically means that you can’t repay your minimum monthly instalments.