We have perfected a 3-Step process that makes debt review a relatively painless process. Simply click on the each of the numbers below for an overview of the entire process.
One of our registered Debt Counsellors will meet with you and go through your financials with you. You will have to fill in an application form called a Form 16 which sums up your debt situation. This process can also be done via e-mail. The benefit of applying via e-mail is that you don’t have to take leave to visit us in person.
We will want to get as much information from you as possible about what debts you have, your living expenses, etc. You will be expected to provide us with supporting documentation, for example statements of all you accounts. We will also ask you to sign a contract which explains what we can and can’t do if you want to enter debt review. This is combined with the Form 16. You can download an application form 16 by clicking the Apply Now button.
Once a Court Order is granted as per the proposal it is sent to all your creditors and you must make payments as per the Order each and every month with no deviations. This is very important. Any deviation could invalidate all the work that has come before and your creditors may decide to withdraw from the debt review and issue summons against you. Your monthly payments are made into the account of a Payment Distribution Agency (PDA) that is registered with the NCR, and they will pay your creditors in accordance with your court order. Payment Distribution Agencies (PDA's) are companies that distribute consumers’ funds for them. The PDA’s normally collect one debt review payment from you (by means of a debit order) each month and split the payments up to each of your creditors. They get instructions from us on how to split your money up but they don’t let us or anyone else touch the money. They also send proof of the payments to your creditors and provide you with monthly statements.
Once one debt is paid off the amount you pay each month will not change (reduce).
It stays the same but the amount each creditor that is still left gets, increases a little bit. This happens each time a debt is paid up and soon all or most of your debts will be gone. Most plans for debt review are around 5 years long for short term debt. This might seem like a long time but most creditors collect smaller debt over 2 years anyway and the amount you pay over 5 years (or however long your plan will be) will be manageable if you stick to your budget each month.
Once you have settled all your accounts, we will issue you with a Clearance Certificate and inform the Credit Bureaus, who will then remove your Debt Review status from their records. You will then be able to apply for credit again.
This is debt review in a nutshell.
Still have questions? We are always willing to answer any questions that you may have or to attend to any uncertainties so contact us today.