Empower yourself through proper debt review.
What you should expect from the debt review process
Debt review is a dynamic and effective process that requires complete honesty and trust between the debt counsellor and the individual seeking help. It's essential to provide all the necessary information truthfully so that the counsellor can accurately interpret your unique circumstances and provide the best possible solution for you.
Once the counsellor has all the information they need, they can work out a payment proposal, obtain updated balances from your creditors, and start the debt review process with confidence. During this time, you can be assured that your payments to the debt management company appointed by your counsellor will be managed efficiently and effectively.
The ultimate goal of debt review is to obtain a court order that restructures your total debt obligations, resulting in extended contractual terms and a single lowered monthly instalment paid via a registered payment distribution agency. The agency will then pay your creditors on your behalf according to the specifics of the court order until your debt is paid in full or you are caught up with the arrears and capable of managing your own debt.
By partnering with our experienced and compassionate debt counsellors, you can be assured of a smooth and confident debt management process, open communication, and timely settlement of your accounts.
Take control of your finances with our debt review service.
Our team of experts will work with you to create a personalized plan to manage your debt and help you achieve financial freedom.
Benefits of debt counselling:
1. Debt counselling reduces your monthly repayments to your credit providers.
2. Also, we will negotiate for reduced interest rates. This depends on the amount that is being offered to the credit provider.
3. We will also reduce your credit life insurance. The banks current credit life insurance rate is R4.50 per R1000 and we will reduce it to R2.20 per R1000
4. You will be able to have more funds available in your budget.
5. The harassing calls from the credit providers will stop.
6. The entire process of applying for debt counselling normally takes no longer than 60 working days and starts with the completion of an application form (Form 16), which allows Libertine Consultants to apply for a court order on your behalf that allows us to restructure your debt repayment.
7. Your only responsibility will be making your monthly payment.
8. Your debt review instalment is based on your affordability.
9. There is no extra fee for our services. Your first two payments will be allocated to complete the application. The first payment goes to us and the second would go to our attorney. On your third payment, it will go through to your credit providers and we get a 5% aftercare fee to manage your accounts on a monthly basis.
10. All payments are made to a PDA (payment distribution Agent), which is registered with the NCR and gets audited on a monthly basis.