The Debt Solver
Debt Counselling
The service that we rendered is to negotiate lower instalments on your debt. Unlike “Administration” Debt Review allows you to include debts like you Home Bond, as well as Motor Finance. However on the Home Bond we have to offer 80% of the original instalment, and on the Motor Finance we have to offer 70% of the original instalment. Other debts such as Personal Loan and Clothing accounts, we offer a lower instalment.
How we work:
We calculate your living expense against your nett income. The remaining balance will then be distributed between your creditors.
The moment you commence with debt review, a 60 day period starts in which the creditors won’t receive any payments. In the first 30 days of the 60 day period, the application fee (which will be calculated at the completion of the application form) is payable to the debt counsellor, were after all the necessary documents will be sent to all the creditors, and the negotiation with your creditors will start.
In the second 30 days of the 60 day period, a lawyers fee is payable to bring the application before court. The client does not have to appear in court.
After the 60 day period we shall furnish you with the proposal indicating the restructured payments which the creditors will be willing to accept. The payments must then be made to the NPDA, (National Payment Distribution Agent), which all registered Debt Counsellors have to make use of each month and the NPDA will distribute the amount as per the proposal to the creditors.
If any of your creditors have issued a “Section 129” (a letter of demand or a summons), this account will not be included into the debt review process. Cell phone contracts, School fees, Municipalities, Doctors etc. will not be included under the debt review process but under the living costs, due to the fact that the latter falls under service providers.
All credit bureaus as well as your creditors will be notified of your application for debt review.
When all your debts have been paid in full your credit record will be restored.
DEFAULTING ON NPDA PAYMENTS WILL RESULT IN TERMINATION OF YOUR DEBT REVIEW.
It might all sound very complicated, but it is indeed very simple and we shall explain it all to you on your visit to our office.
Please contact us if you want to enquire.
31 Nashet building
First floor
Greenhills circle
Randfontein
Tel: 011 693 3318
Services Provided
Work Focus