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10 Step Plan for Debt Consolidation

10 Step Plan

The National Credit Act formally introduced Debt Counsellors to assist over-indebted consumers with their Debt Review. The goal of debt review is to develop a repayment plan which is affordable to you as well as acceptable to all your credit providers and avoid having to go under administration which is a much more lengthy and costly exercise.

The Benefits of Debt Review:

A client pays one affordable monthly installment to a payment distribution agency (PDA);
If the client feels that he/she does not want to be under debt review any longer, they get unflagged, where after they are not;
It helps clients to have sufficient funds for living expenses;
Clients do not have to communicate directly with your Credit providers. Your debt counsellor will do it for you;
If you not already listed, the NCA protects you from being blacklisted or legally pursued.;
Installment amounts may be reduced;
Repayment periods may be extended

Oct 3, 2017

Step 1

A consultant will draw your information on the credit bureau and explain the process and costs and send you the application form with a list of the documents we require for the process.
Oct 3, 2017

Step 2

We will notify all your credit providers, the NCR and the credit bureaus of your successful application for debt review.
Oct 3, 2017

Step 3

Issue a Form 17.1 to inform creditors that you are under debt review and request a certificate of balance for your account
Oct 3, 2017

Step 4

Once 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 credit bureaus via the NCR Debt Help Website.
Oct 3, 2017

Step 5

Onedebt will set each client up with a Payment Distribution Agency (PDA) who will distribute the allocated payments to each creditor accordingly.
Oct 3, 2017

Step 6

Onedebt will forward each credit provider with a detailed proposal outlining your agreed budget, the number of creditors included and a repayment plan for each credit provider.
Oct 3, 2017

Step 7

The credit providers may accept or decline the proposals and if all do, Onedebt will obtain a consent order 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, Onedebt will submit the application to high court for the magistrate to make a final decision.
Oct 3, 2017

Step 8

You are required to make the agreed monthly payment each month to the Payment Distribution Agency (PDA) for the duration of the debt review.
Oct 3, 2017

Step 9

Onedebt will provide annual aftercare for each of our clients to establish whether or not their circumstances have changed.
Oct 3, 2017

Step 10

Once all your debt is repaid, Onedebt will issue you with a Clearance Certificate (Form19) which we will send to all your credit providers, the NCR and the credit bureaus. Within 5 business days your credit record will be clear.