Debt-Savvy is South Africa’s leading debt counsellor. Each month we help hundreds of South Africans to consolidate their debts, reduce interest rates, and more! Learn how with our free education videos: www.debt-savvy.co.za
Visit us online by going to https://www.debtreview-sa.co.za
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.
Debt review, debit counselling, how to reduce your debts, debt reduction,
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Suffering from a heavy debt burden can be compared to a sportperson suffering an injury during a match, says Rudi Bedeker Group sales director at DCM.
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We will notify the National Credit Regulator and all your creditors that you have applied for Debt Counselling as soon as we receive your completed form 17 application form via fax or email.
The NCR will then notify all credit bureaus that you are in debt counselling. When someone does a credit check on your profile, they will see that you are in debt counselling. Under ‘notes’ on your credit file is will state ‘under debt review’.
Creditors may not give you credit when they see this note on your credit file.
When you completed your debt counselling, the note will be removed from your credit file. We will notify the NCR and credit agencies that you are debt free and they will remove the note from your file.
You are now free to apply for credit again.
Learn how to reverse debit orders from our Managing Director Eduardo Silveira. Contact Debt-Savvy today for a free and confidential financial assessment. www.debt-savvy.co.za