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GETTING STARTED WITH DEBT COUnselling
Get the facts here of what to expect.
The debt counselling process we have seen explained so far describes the interaction between debt counsellor and credit provider. Here we explore what the debt counselling process entails for a consumer. What is it that is expected of an indiviual to kick start the debt counselling process.
Here’s what to expect during a debt counselling session
Debt counselling sessions are convenient and easy. On average, a debt counselling session takes 30 minutes to an hour to complete.
The conversation with our accredited debt counsellors can take place over the phone. However, we also offer online (email) and face to face debt counselling sessions.
Regardless of the format of your session, here’s what you can expect.
We can help
During the debt counselling process, we can help with the following:
1. Late payment fees are removed.
2. Stop collection calls.
3. Lower interest rates irregardless of credit score.
4. Consolidate bills into one smaller monthly payment.
5. Paying off your debt faster.
6. Improve your money habits.
getting started is as easy as 1, 2, 3:
1
First, you will share some basic information that let’s your debt counsellor get to know you better.
2
Next, you and your debt counsellor will review your financial situation and a new repayment plan is made and sent to creditors.
3
You’ll complete the debt review session with an actionable plan to conquer your debt and a more manageable monthly repayment plan!
what your debt counsellor may ask
During your debt counselling session, a counselor will go over your current financial circumstances. To get a clear understanding yourdebt counsellor will ask questions like these below:
- What is your household income?
- What are your monthly expenses?
- Do you have a budget?
- What outstanding debts do you have?
After covering income and expenses, the debt counsellor will review your credit report and will discuss the options available to you based on your income, expenses and the amount of debt that you have. The discussion will be extended to how much you are able to pay every month towards your debt. That is a single amount that pays all your debt every month after taking into consideration your household budget.
Items you should have with
As part of the debt counselling session, you are expected to have with you the following. However, if you don't have any of the items listed below do not be dismayed.
- List of your current expenses. This should include housing, food, utilities, any phone bills, loans, credit cards, anything you pay for regularly and bills that may be late.
- Recent payslips for you and/or your spouse, so you are able to provide information about your monthly household income.
- Recent statements for accounts that you have open with credit providers are helpful so you can provide minimum payment information, due dates, etc. ( If you don't have these its still okay as we get these during the debt counselling process when we communicate with credit providers).
WHAT YOUR DEBT COUNSELLOR DOES FOR YOU
You can expect your debt counsellor to do the following as part of the debt counselling process:
- provide budgeting tips and advice (on going)
- creates a new debt repayment plan
- gives advice about attorneys and Payment Distribution Agent (PDA)
- negotiates with your credit providers
- loads your new repayment plan onto the PDA system
- helps to draft your court papers
- monitors and adjusts your plan as per court order
- sends copies of the court order to your credit providers
- asks credit providers to adjust and correct balances
- gives ongoing advice about budgeting and financial emergencies
- periodically reviews your budget and plan to see if it can speed up
- helps check balances and acounts are paid up
- issues you with a clearance certificate when you have paid up all your debts
In addition to that we have debt counsellors that are registered and certified by the National Credit Regulator (NCR), so you can be rest assured that our debt counselling process is professional and of highest quality.
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