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One all the relevant financial information has been provided we will issue your creditors a Form 17.2 to confirm the clients over-indebtedness and inform creditors and the credit bureaus via the NCR debt help Website
The credit providers may accept or decline the proposal. Debt Recon will obtain a consent order if everyone accepts, which will then be forwarded to all the credit providers. If one or more of the credit providers does not accept the proposed repayment plan, Debt Recon will submit the application to the magistrates to finalise the arrangement and monthly payment. You are now protected from legal action throughout the payment term.
Debt Review is a process of assisting consumers that are experiencing debt related problems through:-
How long will it take to negotiate with all creditors and then when will I start to pay the first instalment after I applied?
You will start immediately if it’s not too late in the month. Otherwise you will start making one reduced repayment from your next salary date. This is one of the great benefits of debt review, bringing you immediate financial relief.
Will I be black-listed if I apply for Debt Review with a Debt Counsellor?
There is no black-listing but if the Debt Counsellor finds the consumer to be over-indebted, they add a flag to the consumer’s credit record asking creditors not to lend the consumer money because he or she is over indebted.