The Debt Review Process

You’ve probably heard a lot of things about the Debt Review Process and you might currently be confused and unsure of whether the debt review process is for you. Below you can find all the help you need to decide whether Debt Review is something you want to apply for, the debt review process timeline, as well as things you need to know about your credit providers.

How can the debt review process help you?

• The debt review process protects your assets & credibility because you’re still doing the right thing, i.e. repaying your debt.
• You gain control of your finances – it no longer controls you.
• You are now able to make ends meet every month, which further reduces stress.
• The debt review process diminishes your debt related stress because you’re actively targeting your credit issues.
• You are on a journey towards true financial freedom – just keep up with those reduced payments and in time your debt is settled, your name is cleared and the stressful times are a distant memory.

Here’s how the debt review process works, in a nutshell:

• We assess your debt situation
• We suggest a payment solution
• We negotiate the plan with creditors
• We obtain legal confirmation of the plan
• You continue with the payment plan in the meantime
• On final settlement your record is cleansed
• If you default on payments, you will however not be allowed onto a debt review program again, regardless of the Debt Counselor you approach.
• As the idea is to become debt free, you also cannot incur further debt during this program.

And here’s the timeline we work on in the Debt Review Process….

• Response to contact form – 2 business hours
• Submission of your detail – (1 day)
• We confirm acceptance – 24 hours later
• YOU ARE NOW PROTECTED
• Reduced instalment from the first month
• Notify credit providers – (5 days)
• Credit provider certificates – (25 days)
• Submit Payment Proposal (30 days)
• Payments starts within the first month when the application form has been submitted.

What you need to know about your credit providers

• The Debt Review Process is a legal process that will protect you against aggressive creditor action because in essence debt review has been designed to help you recover from financial setbacks.  Therefore such creditor actions are in contravention of the law and thus illegal.
• However, a creditor must be paid what he has loaned to you in good faith. Debt counseling is a process that allows you to honor your commitments by paying all that is due, but over a longer period.
• Should a creditor decide to take any legal action against you whilst under debt review, they need to contact us first, which mostly allows us the opportunity to address the issue before it goes to court – think of us as your umbrella on a rainy day.
• By law your creditors cannot repossess any of your assets while under debt review, provided that they have not commence with legal action prior to your application for review.
• Consider debt review the moment that you start to fall behind with your payments, or if you anticipate that you are about to fall behind.  Immediately get started with the debt review process. Creditors are quick to institute legal action against clients, and once they do we cannot help you because the process is irreversible.

What you need to know about your credit record

Debt review is a temporary situation, and all the details of your case is kept confidential.  We only contact the persons related to your debt. Remember that you cannot get a permanent ‘bad’ record when under debt review. In fact, your record is completely cleared upon final settlement.