Zululand Debt Counsellors
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Debt Counseling Process
The Debt Review - Step by Step

1. You complete a FREE ASSESSMENT FORM and provide us with the details of all your credit providers.(Consultations can be done in person, via telephone or by e-mail and fax).


2. We determine whether you are over-indebted, in other words, do your monthly expenses exceed your monthly income? (You have to be over-indebted to qualify for debt review).


3. If you are over-indebted, we shall inform all your credit providers and the credit bureaus that you are under debt review. (While you are under debt review, legal action may not be taken against you in respect of the debts that are under review).


4. We will then negotiate a debt restructuring plan for you with your credit providers. (This will reduce your monthly debt repayments to an affordable amount, whilst still having sufficient household living expenses).


5. Should the debt restructuring plan be accepted by all your credit providers, a consent order from the magistrate’s court will be obtained, making the debt restructuring plan a court order. (If the debt restructuring plan is not accepted by all the credit providers, we shall prepare an application to the magistrate’s court recommending that the debt plan is made an order of the court).


6. Whether the debt restructuring plan is finalized or waiting for court approval, you will start to pay the new reduced monthly amount in terms of the debt restructuring plan to the Payment Distribution Agency.
(PDA, who was appointed by the NCR).


7. The PDA will then pay each of your creditors the amount due to them according to the debt restructuring plan.


8. We will provide you with monthly after care and monitor of all your payments distributed through the Government accredited Payment Distribution Agency.


9. Once all your payments have been made and you have satisfied all your debt obligations, we will issue you with a Clearance Certificate and advise all the credit bureaus.
 

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Zululand Debt Counsellors