Registration for debt review can be done within one day. This all depends on how soon we get the relevant information from the client. Meaning that we can give you protection under the Act with debt review within 24 hours. To apply for debt review we will send you an application form to complete, which you submit with a copy of your ID and the latest proof of Income.
First, the Debt Counsellor will assess if you are over-indebted. You will then be contacted for a formal consultation, whereby the process and payments will be explained to you. (This can be done telephonically)The form 16 together with all the relevant paperwork will be sent to you for signing, whereafter as soon as we get these signed documents back, we can start off with the process. Normally within 5 business days, the norm, but with SA Debt Review within 24 hours, we will notify your credit providers of your application.
The Debt Counsellor does this by sending your creditors a prescribed form 17.1 and calling on them to issue a “COB” –Certificate of Balance. Which will include the outstanding balance, accrued interest and charges. Within the first 60 business days from the date of application, legal action may not be taken against you in respect of debts that are “under review”This means that if a credit provider did not take legal action against you, we have two months to in which to negotiate a payment arrangement.
Visit this article for all the Debt Review Benifits or for more info, kindly visit our FAQ page or view some interesting articles on our blog.
