Debt Review
The Debt Review process
step one
A) One of our consultants will call you and ask you a few question. This is to understand your unique story.
B) our consultant will forward document that must be completed by you. This will be in the form of a welcome pack.
C) you will need to complete what is called a form 16, this is the first and most important document in this document you will highlight your income and expenses. this gives us an indication of your overindebted state.
Step two
D) Our office will submit a form 17.1, this is sent to all your credit providers and informs them that you have applied for debt review.
E) the credit providers will send us your certificates of balances and with this we will have more information to assess your financial position.
F) Our offices will assess your over indebted state and once you have been deemed to be over indebted a form 17.2 will be issued. this means you have been accepted into the debt review process and you will be officially under debt review along with all of its protections.
step three
G) our office negotiates with all of your credit providers and complies a proposal that is sent to all your credit providers.
H) this is when we inform the credit providers that this is the reduced monthly instalment that they must accept.
step four
I) your application is complied and submitted to one of our attorneys. the attorney drafts your application for debt review and obtains a court date.
J) the court will assess your debt review application and consider our proposal and make an order binding the credit providers to the proposal. This is the final step of the debt review process you will therefore only need to pay the reduced instalment as specified on the court order.
step five
K) Once you have paid off all your debts our offices will issue you with a clearance certificate, this is known as a form 19.
L) Once you have been issued a clearance certificate your credit record is cleared. You will be starting out on a clean slate and your previous debt history will be cleared.
