There is help available if you feel you are drowning in never-ending debt. If you do not know how to
cope with letters of demand, phone calls from creditors, credit cards that are out of control, there is
a way that can assist you to take control of your life. A debt review counsellor, one who is accredited
by the National Credit Bureau, can help to put a stop to the downward spiral of your world and find
a way to restore balance and order to your life.
The first step is to accept that you need help with the situation that you find yourself in and ask for it. A debt review counsellor will access your information from the credit bureau; explain the process and what documentation is needed.
How Does Debt Counselling Work?
The documentation that is necessary is:
- Your RSA ID book
- Your proof of income
- A bank statement
- A list of your household expenses
- Your dependants
- A list of your debt and creditors
Once you are under debt review all relevant parties (NCR, creditors and credit bureaus) are
informed. Thereafter, your creditors will no longer trouble you. This is because a Payment
Distribution Agency (PDA) will be allocated to you to keep contact with your creditors and distribute
payments to them. During the debt review process, you are allocated a portion of your income to
live on and you pay an amount to the PDA so they can pay your creditors. Once all agreed payments
are complete you will be issued with a clearance certificate. A copy will be sent to all your creditors,
the NCR and credit bureaus and within 5 days your credit record will be clear.
Debt Review can Help
If you are unsure when looking for a debt counsellor, you are able to check their credentials with the
NCR who regulate the credit industry in South Africa. Undergoing debt review can be the new start
to a debt-free, stress-free chapter in your life.
Speak to One Debt today for assistance and guidance regarding debt review.