Apply for a debt review - The Debt Review Process

 

  • Do you have a lot of loans?
  • Has someone suggested you apply for a debt review?
  • Do you find yourself always owing creditors?
  • Do you only pay the mimimum on your credit and other cards?
  • Do you know what the interest is you are currently paying on your credit cards, clothing account cards?
  • Are you clear on where you stand with car repayments or bond repayments?
  • Do you dread answering the phone in case it is a creditor asking for money?
  • Do you have more than one bank or credit card?
  • Do you buy on mostly on credit?
  • Have you have a legal notice from a creditor demanding payments?
  • Are you paying off one loan with another loan?
  • Do you need to ask for bank overdraft?
  • Do you know where your money goes to each month, how much is coming in and how much is going out?
  • Do you understand how much is still owing with all the loans and creditors combined?
  • Do you find that there is no money left at the end of the month, but still a lot of bills?

 

We do Debt Reviews Johannesburg, Midrand and Sandotn as well as throughout South Africa

  • Apply for debt review

 

011 704 2471 or 076 114 6436 or petervdb@killaghy.co.za

 

Apply for a debt review 

As the cost of living increases, children need to have school fees paid and the economy changes, people run into financial difficulties.

Interest rates on loans and fees due to unpaid bills can mounts up leading to higher minimum monthly payments. A debt review process helps to guide you through the quagmire of financials by an expert counselor.

What is involved when you apply for a debt review?

At the consultation, the debt reviewer will need to work through the most recent financial documents such as:

  • Payslips
  • Clothing store invoices
  • Home loan information
  • Car payment information
  • Bank statements

It is best to be open and honest during the consultation, and to show all the information regarding financials to the debt reviewer. The more complete the information, the better the recommendations that can be made for the client. 

How do I become eligible for a debt review?

Each client has a different set of circumstances, and the criteria for debt review eligibility are broad and make allowances for many different financial situations. A qualified debt counsellor can negotiate with most creditors regarding repayments, and interest rates regardng the loans being paid back. Most persons who, after paying basic monthly living expenses will qualify for one form of debt review and a debt repayment adjustment plan. 

When should I apply for a debt review?

Prevention is better than cure. If unpaid bills and loans, unpaid fees are mounting up, then rather request relief assistance before the credit rating is affected. Debt review protection normally provides immunity from creditor legal action as the effort is being made to pay the remainding debt.

The debt review pocess

Contact us to begin the debt review process. We are registered counsellors doing debt reviews in Johannesburg and throughout South Africa.The first part of the debt review process is the paper work. Part of the process is to fill out the correct documentation which is then submitted to the debt counsellor. The debt counsellor will then inform the creditors that the person is under debt review, protecting the client against legal action against them. A certificate of balance of moneys owed is sent back to the counsellor for review. According to South Africa’s National Credit Act of 1995, consumers can start the debt review process by filling out a document called a Form 16 and submitting it to a debt review counselor.

Once this step is done, the debt counselor can then work with a client to plan an achievable repayment schedule. The repayment schedule is negotiated with the creditor by the debt counsellor on the clients behalf, which once agreed upon, are spcified on an affidavit stating the poroposed terms. The affidavit is a legally binding document. 

This debt review process allows both client and creditors to accept or reject initial proposed terms of repayment. Negotiation and adjustments are permitted until both parties reach an agreement both considers fair and beneficial. The primary role of the debt counselor is to act as an intermediary and to submit completed proposals to the court system to seal the repayment plan obligations.


Accreditation:


Killaghy Business Solutions are Registered Debt Counsellors

NCRDC534

Debt counselling and debt reviews Johannesburg

Debt counselling and debt reviews Midrand

Debt counselling and debt reviews Sandton

Apply for Assistance:


The first step to get started is to complete our application form. Download the form below, complete it and mail it back to us.