Seek advice and services from a registered debt counsellor
The National Credit Regulator’s website is a good start to find a compliant debt counsellor who is able to assist you with your debt review process. This is the first step to take should you be considering debt review as a means to regaining financial freedom.
Prepare the necessary supporting documents
These include but are not limited to a monthly household budget, a breakdown of all your debt repayments, your payslip and your South African green bar-coded ID. Your debt counsellor will advise you on any other documents, should this be required.
The debt counsellor will review your financial situation
The debt counsellor will review all your documentation and prepare an accurate report of your indebtedness. Including, what repayment amount you can afford based on your income. It is important that you include all your expenses to ensure you are covered once you are placed under debt review.
Apply for debt counselling
Once all documentation has been finalised, you are able to apply for debt review. You will also receive an official notification on costs which include the application fee, restructuring fee, monthly fee, legal fees, and any other related costs. Discuss all fees with your debt counsellor as you have a right to know exactly what costs are involved during the duration of your debt review plan.
Finalisation of your debt review process
Your debt counsellor will contact all your credit providers to confirm outstanding amounts and make all necessary arrangements on your behalf. You will also be listed as being under debt review with South African credit bureaus. Should any of your credit providers seek a higher repayment amount, your debt counsellor will seek a court appeal on your behalf. Debt counsellors in South Africa are professionals in dealing with credit providers and are able to agree on the best terms on behalf of consumers.