Debt Counselling Process:
Step 1 – Contact a Debt Counsellor (The Perfect Choice Debt Counselling – 012 379 7083).
Step 2 – We asses if you qualify for Debt Review. You have to be over-indebted and earn an income of more than R2500 per month to qualify for Debt Review.
Step 3 – If you decide to proceed with the process you need to fill in an Application Form (Form 16a).
Step 4 – We inform your Credit Providers and load your details to the NCR debt help system (This will stop the credit providers ‘legal process’ if they haven’t sent the section 129 letter).
Note: During the first 60 working days, legal action may not be taken against you in respect of credit agreements that are included in the process
Step 5 – We receive the Certificate of Balance (COB) from the credit providers. This will be used to calculate an accurate Repayment Plan in terms of your specific monthly budget.
Step 6 – We notify the credit providers with a 17.2 form (Application for Debt Review was successful) and the Debt Repayment plan called “Proposal”. This will reduce your monthly debt repayment to an affordable amount, whilst still having sufficient finances to cover household living expenses.
Step 7 – We proceed with an application to the Magistrate’s Court recommending that the Debt plan be made an order of the court, regardless if the debt restructuring plan was accepted or not. The final approval is left up to the Magistrate.
Step 8 –You immediately start paying the new reduced monthly amount from the 1st month after applying for Debt Counselling and this is in terms of your Debt Restructuring Plan, to the Payment Distribution Agency (PDA).
Step 9 – The PDA will pay each of your Creditors the amount due to them according to the Debt Restructuring Plan. We proceed with monthly after care, monitoring your payments via the PDA as required in the debt counselling practice.
Step 10 – Once you have paid off all your debt obligations, we will issue a Clearance Certificate and advise all your Creditors. We will also update the NCR debt help system and notify the credit bureaus. The credit bureaus will then remove your Debt Review status from their records and you will be able to apply for credit again.
Step 1 – Contact a Debt Counsellor (The Perfect Choice Debt Counselling – 012 379 7083).
Step 2 – We asses if you qualify for Debt Review. You have to be over-indebted and earn an income of more than R2500 per month to qualify for Debt Review.
Step 3 – If you decide to proceed with the process you need to fill in an Application Form (Form 16a).
Step 4 – We inform your Credit Providers and load your details to the NCR debt help system (This will stop the credit providers ‘legal process’ if they haven’t sent the section 129 letter).
Note: During the first 60 working days, legal action may not be taken against you in respect of credit agreements that are included in the process
Step 5 – We receive the Certificate of Balance (COB) from the credit providers. This will be used to calculate an accurate Repayment Plan in terms of your specific monthly budget.
Step 6 – We notify the credit providers with a 17.2 form (Application for Debt Review was successful) and the Debt Repayment plan called “Proposal”. This will reduce your monthly debt repayment to an affordable amount, whilst still having sufficient finances to cover household living expenses.
Step 7 – We proceed with an application to the Magistrate’s Court recommending that the Debt plan be made an order of the court, regardless if the debt restructuring plan was accepted or not. The final approval is left up to the Magistrate.
Step 8 –You immediately start paying the new reduced monthly amount from the 1st month after applying for Debt Counselling and this is in terms of your Debt Restructuring Plan, to the Payment Distribution Agency (PDA).
Step 9 – The PDA will pay each of your Creditors the amount due to them according to the Debt Restructuring Plan. We proceed with monthly after care, monitoring your payments via the PDA as required in the debt counselling practice.
Step 10 – Once you have paid off all your debt obligations, we will issue a Clearance Certificate and advise all your Creditors. We will also update the NCR debt help system and notify the credit bureaus. The credit bureaus will then remove your Debt Review status from their records and you will be able to apply for credit again.
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