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A closer look at the debt review process

Becoming debt-free isn’t as complicated as many people think it is.

The process is straightforward and easy to understand.

The process of applying for debt review:

1. Consult a debt counsellor - before you can officially apply for debt review, your current financial status needs to be assessed. They’ll calculate your income, your living expenses, and debt exposure. If the counsellor finds that you’re over-indebted then the process of debt review can begin.
2. Assessment - When their debt counsellor has reviewed the basics, you’ll get a formal application (called a form-16), which gathers all your personal information such as income, expenses and who your creditors are.
3. Creditors supply debt information - This process requires your creditors to issue your debt counsellor a certificate of balance. It can be very difficult to speak to your creditors which is why Debt Review Centre does that for you.
4. Being listed - Once your debt counsellor has all the information from your creditors and confirms your outstanding balances, you’ll then be listed with the National Credit Bureaus NCR Debt database. You’ll receive a number from the NCR that confirms you’ve applied for debt review.
5. Notification - All credit bureaus will directly be notified through the NCR. To make sure that you don’t accumulate any further credit while having applied for debt review.
6. The next stage - Your financial situation will be assessed to confirm that you’re indeed over-indebted, once that is done your debt counsellor will draw up a payment plan for you. The repayment proposal will reflect a list of all your credit providers and all outstanding balances. The good news is that in certain cases the interest rates will be dropped all the way down to 1.0% on any unsecured debt. Just one of the many ways Debt Review can help you save.
7. Negotiation - The negotiation process will then begin between the creditor and your debt counsellor. They'll look at the payment plan that your debt counsellor put together and then come to an agreement. If for any reason creditors do not agree with the proposal, it goes to court and based on the repayment terms, the magistrate will then decide. Most of the time it's in your favour.
8. Begin the repayment process - When everything is signed and agreed to you can start paying off your debt based on the proposal that was drawn up. The Payment Distribution Agent will receive your payment and then distribute it to the relevant creditors. This will be done until all your debt is settled.