FAQ’s

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Who can consider going under debt review?

• Any person that is earning a regular income and feels that they are not managing to uphold their monthly financial commitments due to difficult financial circumstances.

• Small business owners (Sole proprietors) can use this avenue of recourse to prevent them from losing their source of income and having to close down business because of financial difficulties.

How does going under debt review affect my credit record?

• By deciding to enter into the Debt Review process, you are doing progress in rectifying your credit profile to get yourself in good stead with your creditors once more.

• Ones you complete the Debt Review process successfully, you receive a certificate stating that your credit record has been amicably restored and you are once more able to apply for finance and enter into other credit agreements without adverse notifications remaining on your reports with the relevant credit bureaus.

Which creditors can be included in the debt review process?

• Any institution/business that you owe money to, for example: chemist’s accounts, school fees, doctors, micro lenders, short term loan companies, body corporate levies, bank vehicle finance, house bonds, clothing accounts, retail buying cards, bank credit cards, supplier purchases (in the case of small businesses), etc.

Am I going to loose my house, vehicles or other assets that I have worked so hard for?

• You don’t have to forfeit you assets, providing that court orders have not yet been put in place, allowing creditors to seize your possessions to recover the outstanding balances owed to your creditors.

• Creditors would rather accept a renegotiated payment plan and wait a little longer for their money than to enter into a lengthy legal process and pay collection agencies to try and retrieve what is owed to them.

How do I know that the money I pay toward my debt review isn’t squandered and I get stuck even deeper in trouble than I already am in?

• We as Resolution Debt Counseling do not handle your money except for the once off consultation fee that you pay when meeting your Debt Counselor and assessing your situation.

• We make use of an accredited Payment Distribution Agency (PDA), that has been established in accordance with government specifications, that ensures that your payments reach your creditors as set out in the court order.

• Your payments are allocated to a trust account that gets managed by the PDA (DC Partners) and gets paid directly to this account by manner of stop order.

• The relates to one monthly payment that you need to make and which ensures that funds are distributed exactly in accordance with the payment cascade plan as set out in the negotiations with your creditors.

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