How Does Debt Review Work?

Debt review in Cape Town could bring you welcome financial relief.  If you are having financial difficulties, you will know how stressful debt is for both yourself and your family. In fact, financial stress is one of the leading causes of distress in a relationship, and often leads to divorce.  

Do you find you have to use your credit card for daily living expenses?  Are you regularly looking for short-term loans from family members or micro-lenders?  These are indications that you are over-indebted.  Rather than allowing the situation to worsen, perhaps ultimately ending in financial administration or insolvency, debt review could be the answer.

The debt review process

In Cape Town, debt review is available through One Debt.  One Debt will guide you through their 10-step plan.  In broad terms it works in the following way:  

A One Debt consultant will first draw all your information from the credit bureau, provide you with an application form and request for documentation, and explain the process.  The consultant will advise all relevant parties that you are under review.  They well set up a Payment Distribution Agency (PDA) that will be responsible for distributing your payments to creditors.  The One Debt consultant will obtain agreement on an affordable repayment plan from each of your creditors.  Going forward you then pay an agreed amount to your PDA and this is distributed to the creditors.  Once you have repaid all of your debt, you are issued with a Clearance Certificate.  Your credit record is then clear, once again.  

This plan is explained in detail on the One Debt website, and a consultant will also take you through the process when you enquire.

In Cape Town, debt review is accessible to all

One Debt has a simple application to apply for debt review.  Simply complete an online contact form and a consultant will call you.  Alternatively you can call or email them.  You will need to complete the application form and provide One Debt with all the requested documentation.   Once this is completed the 10-step plan is in progress and you are on your way to a debt free future.  Call One Debt today to access debt review in Cape Town.