What is debt review counselling?
If a debt counsellor finds you to be over-indebted after assessing your financial situation, you will qualify for the professional service of debt review counselling. The process of debt review counselling is regulated by the National Credit Regulator and National Credit Act, so you, the consumer are protected against creditors who threaten to take legal action against you.
Your debt counsellor will help you to pay off your debts over a certain period of time by putting a debt rearrangement plan in place, which they will negotiate with your creditors on your behalf.
A Payment Distribution Agency (PDA) will distribute your money to all of your various credit providers according to your debt rearrangement plan.
We will make provision for your debt review counselling fees in your debt rearrangement plan and ensure that you only have to pay one affordable monthly instalment.
Thereafter, your debt counsellor will provide you with monthly financial aftercare and monitor the payments you make to the PDA.
Once your debt obligations have been met, you will receive your Clearance Certificate and we will notify the credit bureaus, who will remove your debt review status from your credit profile so your good name is restored!