HOW DOES DEBT REVIEW WORK?

Follow our easy step by step process that will ensure you get the service and help that you deserve.

STEP 1

Submit your details to us using our online contact form to get a phone call from one of experienced consultants.

STEP 2

First, your consultant will establish what your debt obligations vs your personal expenses and income are on an average monthly basis. If you spend more than you make, this means you are over-indebted and qualify for debt review.

STEP 3

Next, we’ll let all of your credit providers and the credit bureaus know that you are entering debt review with DFD. As follows, your credit providers won’t be able to take legal action against you.

STEP 4

After asking your credit providers to send over a certificate of balance (COB) for all of your accounts, we’ll draw up a reorganised debt repayment plan for you.

STEP 5

Then, we’ll negotiate with your credit providers to have your monthly instalments and interest rates reduced. We’ll ensure you can afford to cover your monthly living expenses, as well as stick to your more manageable reorganised debt repayment plan.

STEP 6

Our in-house legal team will apply to the magistrate’s court to have your reorganised debt repayment plan declared a court order that is legally binding. Your debt counsellor will be the applicant on your behalf, so you won’t have to appear in court.

STEP 7

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

STEP 8

Once all your debt is repaid, Debt Free Direct will issue you with a Clearance Certificate (Form 19), which we will send to all your credit providers, the NCR and the credit bureaus. Once updated, your credit will be rehabilitated allowing you to apply for credit again. There you have it – DEBT FREE!

Process Complete

All you have to do is pay in your new lower debt repayment once a month on time. Then, you and your assets will be completely protected and you’ll be on your way to becoming rehabilitated back into the credit market.