fbpx

STOP LEGAL
ACTION TODAY!

Don’t lose your house,
car or furniture…

Contact Us

FREE CONSULTATION

Inquire for a Free Debt Assessment






Debt Review Process

Geared towards South African consumers who are facing complicated financial situations, debt review is a solution that can provide much needed relief, while also protecting you from the potential consequences you could face. While our debt review process is transparent and approved by the NCR (National Credit Regulator), it is still important to have an understanding of the process.

The debt review process followed by our professional team at Less Debt is one that will ensure your best interests, as well as the most successful outcome possible. Once you have applied for debt review, one of our debt counsellors will assess your finances, also establishing if creditors were possibly at fault with reckless lending. It is our responsibility to inform your creditors that you are in debt review and provide the necessary paperwork, as well as draw up a repayment plan that is submitted to a registered payment distribution agency (PDA). For the following 60 days while you are under debt review, you are protected against legal action.

From your affordability assessment, we will determine if you are over indebted and then negotiate your new monthly repayments with creditors – this repayment plan needs to be accepted by your creditors and the magistrate’s court. Once you have paid off all your debt, Less Debt will issues you a clearance certificate, and then you can start to look forward to a debt-free future.