Debt Solver

Debt Solver
Category: Loans & Credit Services

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• Description
  Business profile

  Our basic service rendered is to negotiate lower instalments on your debt. Unlike "Administration" Debt Review allows you to include debts like you Home Bond, as well as Motor Finance. However on the Home Bond we have to offer 80% of the original instalment, and on the Motor Finance we have to offer 70% of the original instalment. As well as other debts such as Personal Loan and Clothing accounts. How we work: We calculate your living expense against your nett income, and the remaining balance will the be distributed between your creditors. The moment you commence with debt review, a 60 day period starts in which the creditors won't receive any payments. In the first 30 days of the 60 day period, the application fee (which will be calculated at the completion of the application form) is payable to the debt counsellor, were after all the necessary documents will be send to all the creditors, and the negotiation with your creditors will start. In the second 30 days of the 60 day period, a lawyers fee is payable to bring the application before court. The client won't have to appear in court. After the 60 day period we shall furnish you with the proposal indicating the restructured payments which the creditors will be willing to accept, the payments must then be made to the NPDA, (National Payment Distribution Agent, of which all registered Debt Counsellors must make use of) each month and the NPDA will distribute the amount as per the proposal to the creditors. There is a after care fee of 5% and a PDA fee of 5% which will be deducted of your monthly instalment not exceeding R400. If any of your creditors have issued a "Section 129" (a Summons), this account will not be included into the debt review process. Cell phone contracts, School fees, Municipalities, Doctors etc. will not be included under the debt review process but rather under the living costs, due to the fact that the latter falls under service providers. All credit bureaus as well as your creditors will be notified of your application for debt review and your record will be flagged as "under debt review". When all your debts have been paid in full your credit record will be restored. You won't be able to acquire any credit until all your debts have been paid. It might all sound very complicated, but it is indeed very simple and we shall explain it all to you on your visit to our office.