Tag: Debt Counselling

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THE 10 STEPS OF THE DEBT COUNSELLING PROCESS

STEP 1: The consumer makes an ENQUIRY with a registered debt counsellor

STEP 2: The consumer FORMALLY APPLIES with the registered debt counsellor for debt counselling

STEP 3: A notification is sent to all the credit providers of the consumer, informing them of the debt counselling application, and a CERTIFICATE OF BALANCE is requested

STEP 4: It is determined if the consumer is OVER-INDEBTED

STEP 5: A REPAYMENT PROPOSAL is sent to the consumer’s credit providers

STEP 6: The credit provider either ACCEPTS OR DECLINE the repayment proposal

STEP 7: APPLICATION to COURT is made by the debt counsellor as the applicant in the matter

STEP 8: The COURT HEARING and the COURT ORDER

STEP 9: The debt counsellor is responsible for the AFTERCARE of the consumer

STEP 10: A CLEARANCE CERTIFICATE is issued to the consumer when all debt is repaid

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DEBT COUNSELLING AND YOUR CREDIT RECORD

The question most often asked by clients is if they will be burdened for the rest of their life with the fact that they have been under debt counselling.

The answer is NO! Once you have successfully completed the debt counselling process and repaid your debt obligations, you will be issued with a clearance certificate and the fact that you were under debt counselling will be removed from your record.

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WHO CAN APPLY FOR DEBT COUNSELLING?

Anyone can apply for debt counselling, whereafter a qualification process will follow.

It is important that the over-indebted consumer should have an income, in order to pay the renegotiated monthly installments towards the credit providers.

Should the over-indebted consumer be married in community of property, a joint application for debt counselling will be made.