What you should know about Debt review
This is a plan that assists with your debts. The situation is not easily accepted until you consider the debt review process.
There will have to be a free debt assessment between a consumer and debt advisor, where a consumer get a chance to speak openly about the current situation. This may sometimes be traumatic to a consumer because of the harassment from the creditors with letters and daily calls; therefore it is more important for an advisor to be more calm and patient in order for the consumer to get all the attention she/he deserves.
This will involve the breaking down of all the debts and the creditors to be paid , which then assist the advisor by giving an indication of how much to combine into one affordable instalment to the creditors . Not even one debt should be left out during the time of assessment as this might arise during the payment process and affect contradict with the court procedure and arrangement with the creditors.
Qualifying criteria for Debt review:
- Fully employed-provide payslip
- Self employed and registered –provide Min 3 months bank statement and a legal document drafted stating what you pay yourself once your overheads are paid.
- Self employed and not registered-provide 6 months bank statements
- Minimum total balance per creditor –R1000
- Minimum total balance for all your creditors –R20 000
- Minimum salary of R3 000.00 and/or above
Types of debts we can deal with provide none are garnishees, summons, judgements, salary deductions or been to court.
- Credit cards
- Clothing accounts
- Car finance
- Car HP (set at 70% of instalment-Must ask for copy of insurance)