#FinancialFreedom
Once we start the debt review process, you are under the protection of the National Credit Act. Your creditors cannot take legal action against you and will cease to contact you directly. You can rest assured knowing that your car, house and other assets are safe provided you pay your reduced, affordable monthly installments.
Process:
Step 1
Contact our offices and speak to one of our dedicated service consultants, who will conduct a free financial assessment. You will be required to provide your monthly repayments including a monthly budget of expenses, such as groceries and fuel to determine if you qualify for this process.
Step 2
The debt counsellor will crunch the numbers with you and work out how much you need to live on and what is available to repay debts. At this point, you will be able to officially apply for debt counselling.
Step 3
Financial Saver will then contact all your credit providers and request for your accurate account information (balances, interest rates and your current repayment plan). We will then contact the credit bureaus and request that they list you as being under debt counselling, which will be removed once all debts have been settled. If all the credit providers agree with the repayment proposals offered by the debt counsellor, a legal ‘consent order’ will be obtained. (In many cases this could mean a reduction in fees and interest payable by consumer.) This means that the terms have been agreed to and can’t be changed independently by any of the credit providers. Should one or more of the credit providers not like the terms, we will approach a magistrate with the proposed debt repayments for approval by an order of the court.
Step 4
Once agreement has been reached, Financial Saver will cancel the related debit orders on your bank account and submit the final repayment plan to a Payment Distribution Agency (PDA) accredited by the National Credit Regulator. PDA will debit the calculated reduced monthly amount from your bank account each month which is distributed according to the repayment plan and provide you with proof of payments outlining the amounts paid over and reference numbers. Your obligation is to keep up the monthly payments until all accounts have been paid in full.
Step 5
When your debt obligations have been settled we will issue a Clearance Certificate, notify all participating parties as well as the Credit Bureaus and within 7 working days your credit record will be clear!
