Your Debt Review For a better understanding of the process

What is Debt Review

Debt Review is Taking Control over Your Debt using Professional Debt Review Services available from many companies throughout South Africa. Applying for the debt review usually take up to 5 days to complete. Your creditors (the people you owe money)  must be informed using a form called a 17.1 Notice that you have applied for debt review. In the next 60 days we will then negotiate with each creditor and apply for a court date. During this time you could consider yourself covered, as soon as the process is started the debt counselor starts going to work in negotiating with the creditors on your behalf.

No matter how much you earn or where you live, anyone can get into trouble with their accounts.

From people who live in or near small towns to cities across the country, bad debt can ruin our lives. When you think you have a problem, get help as soon as possible – there will be a debt counselor in your area who will assess your level of indebtedness, help you with your budget and propose a remedy.

The Debt Counsellor

A debt counselor is someone who is trained to assist you with your debt problems. They are independently affiliated debt counselors. Under terms of the National Credit Act (NCA), they must be registered with the National Credit Regular (NCR).

They are paid for their work and advice as this immediately puts the relationship between the counselor and the consumer on a professional basis. However, the NCA clearly states the limits and scope of payments and rates.

The debt counselors have various models that they use in preparing a solution for credit assessments of which the NDMA model is an alternative. All NDMA affiliated debt counselors have received a thorough training on the NDMA debt assessment tool.

It is essential that before visiting an NDMA affiliated debt counselor that you have completed the NDMA debt assessment tool to the best of your ability. This includes honestly completing all sections of the form.

Once the debt counselor has worked through your liabilities, assets and budget with you, the level of your over-indebtedness can be assessed and the counselor can begin work on a proposal for a recovery program that will normalize your situation in the shortest possible time.