In this post, we are going to be looking at the debt review process in more detail. The steps we have outlined, are broken up into 5 steps, to give you a detail overview of how it works and what the various step will entail, for anyone to sign up for debt review.
We have assisted many clients nationwide with applying for debt review and if you do feel that you require more information, please feel free to contact us via the various channels and we will gladly assist. You can chat online, email us directly or complete the contact form on the website.
If you feel you are over indebted you would need to contact a debt counsellor to do this application. Contact us to provide you with assistance.
You will apply for debt review by completing and signing a Form 16. Keep your ID, latest payslip ready as well as the latest statement of each creditor. It is very important that you provide the debt counsellor with ALL your creditors.
The debt counsellor will inform all creditors and credit bureau that you have applied to be under debt review. From this stage your creditors will not be allowed to take legal action against you for the following 60 days. This is only valid if a creditor did not already start with legal steps.
The creditors will need to supply your debt counsellor with outstanding balances and initial contracts (where applicable).
The final step will be for your debt counsellor to assist you with your budget (income less expenses) and to determine what amount will be available for distribution on a monthly basis to your creditors.
There are quite a few benefits debt review provides and since we get asked this question allot, we decided to outline these benefits for you of going under debt review. Read more on our blog.
Firstly, the biggest benefit of debt review is that you will only have to pay one fee that will cover all your expenses regarding your creditors.
Secondly, once you are registered for debt review, it will entail that you do not have to deal with any contact from your creditors and the debt counselling company will take control of that for you.
Thirdly, another big benefit is that the NCR protects you from being blacklisted. This will immensely benefit you, since blacklisting is another issue that you do not have to deal with.