Debt Counselling – 5 Steps To A Debt Free Future
Step 1 – Simply complete your Debt Counselling application form as comprehensively as possible.
Complete your application for to secure protection of your hard won assets
Ensure you state:
- A complete list of all your creditors
- A clear copy of your identity document (ID)
- A copy of your latest pay slip
- All your current creditor’s statements
- A copy of your previous three months bank statements
- Proof of residence in the form of your water and lights account
- Any recent legal documentation you may have received from creditors including contracts, letters of demand etc
Step 2 – Once we have assessed your situation and consulted with you, Debt 911 will notify your creditors.
You will thus be protected from any legal action taken by your creditors. With your next payment date, we will have arranged that you only pay the reduced installments. Only consumers whose regular monthly expenses exceed their monthly salary will be declared over – indebted. Debt 911 will analyse your budget and will calculate a reduced, more affordable installment leaving you enough money to see you through the month comfortably. We will then inform and negotiate with your creditors enabling you to pay the lower amount.
Step 3 – The proposed debt re-payment schedule is arranged
Clients will commence the payment of their reduced monthly payment. Note that the initial repayment schedule is a temporary plan that is presented to your creditors for their approval. Provided clients continue paying the provisional amount agreed to, one’s creditors will acknowledge one’s commitment to settling the debt and creditors will be more amenable to accepting the new reduced installments.
Step 4 – Clients undergoing debt counselling are advised to continue to pay the interim installments while Debt 911 restructures their debt.
Debt 911 will negotiate with all your creditors with the aim of reducing your overall monthly installments. Note that it is possible that your creditors may require a higher installment amount than that presented in the initial repayment proposal.
Step 5 – Revised repayment plan becomes a court order
Once Debt 911, you and your creditors have agreed on a proposed repayment plan, Debt 911 will apply to have the plan recognised by means of a court order, which once issued will ensure you are on straight path to a stress free financial future. It is important to note that even one missed installment or paying the incorrect amount can result in legal action being taken against you. If required, you will be appointed a legal representative who will argue your case in court.