We found that potential debt review applicants need and want to know the steps of the debt review process. Below we made a short summary for you, to provide you some indication on what to expect.
1. If you feel you are over indebted you would need to contact a debt counsellor to do this application.
2. 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.
3. The debt counsellor will inform all creditors and credit bureaux 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.
4. The creditors will need to supply your debt counsellor with outstanding balances and initial contracts (where applicable).
5. 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.
Feel free to contact us, to assist you with debt review, by completing the enquiry form below.
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