The Debt Counselling Process

Step 1

The Debt Counselling process starts by the Debt Counsellor doing assessments to establish whether you are over indebted and in short, qualify for debt review. This will also give us an indication as to how much you can afford to pay towards your creditors. We will call you with the results of the debt review assessment and will also discuss your options with you.


Step 2

Once the Debt Counsellor finds you to be over indebted, he/she will place you under debt review. Your creditors and the credit bureaus will also be notified. At this point your Debt Counsellor will request all your account details from your creditors. We will also work out an interim instalment which you will be able to afford, you will start paying the reduced installment at the next due date.


Step 3

As soon as we receive the account details we will draw up a new restructured payment plan. The Debt Counsellor will above all make sure that you can afford the restructured payment. At this stage of the Debt Counselling process, negotiations will finally take place. The negotiations could take up to a month in some cases, depending on the amount of creditors you have. When we have concluded the negotiations we will send all your credit providers the new payment plan and they will action it.


Step 4

At this point we will appoint an experienced Debt Review Attorney to make the new payment plan a court order. Your Debt Counsellor will be the applicant in the matter and you will therefore not have to appear in court. As a result of the court order you will be safe under Debt Review as long as you keep making your payments.


Step 5

You will make monthly payments via Hyphen PDA until you have settled all unsecured debt. Once you have settled all your debts the Debt Counsellor will supply you with a Clearance Certificate. The clearance certificate is the last step of the Debt Counselling process and indicates that you are now debt free and have a clear credit record. You will now be able to obtain new credit and afford to pay for it.


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