Understanding the Debt Review Process

You have applied for debt counselling but what happens then?

How long does the debt counselling process take?

The process takes 60 business days, from the date that you apply for debt review until a court date is
issued at the relevant Magistrate’s Court.

Day 1 to day 4

  1. The consumer completes the Application form and submits all required informatio
  2. The DC register’s the Consumer on NCR Debt Help System so that the consumer is listed as “under debt review”
  3. DC obtains the consumer’s ITC credit report
  4. The consumer’s application is loaded onto the DC’s system
  5. The consumer receives an email with final documents to verify all information and to provide signed consent to continue with the process.

Day 5 to day 15

  1. DC informs all credit providers involved that the consumer has applied for debt review, by sending out a Form 17.1 document.
  2. DC requests all account balances from the credit providers
  3. Once account balances is received, the information is captured on the system

Day 15 to day 45

  1. DC prepares a proposal based on your financial situation and the information received from the various credit providers involved
  2. The proposal is then sent to the consumer for approval as well as all the credit providers
  3. The credit providers provide us with acceptance letter or counter proposal
  4. DC informs consumer if counter proposal is received

Day 46 – Day 60

The consumer’s court application is prepared and sent to the attorneys in order to obtain a court date. The Attorneys will then appear in Court to have completed the final process of debt review and to have your application Granted by the Magistrate of the Court.

What happens once the debt is paid up?

The Debt Counsellor will request a paid up letter from the client’s creditors and once all the paid up letters are received the debt counsellor will issue a clearance certificate to the client.

This means that the client’s debt is paid in full and the clients name will be cleared.

Get More Info or Apply here