Debt Management Guide

The Debt Management Solution (DMS) - 10 STEP PLAN

Step 1

Contact a Debtbusters consultant who will explain the process and costs and send you the application form with a list of the documentation we require for the process.

Step 2

After receiving your application we shall do an assessment to check on your financial health. At this stage we will do a credit check and advise if there are any other additional accounts you did not include.

Step 3

We will notify all your credit providers (credit card/personal loan/homeloan/vehicle finance/store card/micro-loans) of your application for Debtbuster's DMS.

Step 4

We will go through your budget and advise on the many areas (insurances, bank fees, groceries & many more) where you can save money, which will enable you to pay off your debts in the shortest period possible. By saving 8% of your monthly outgoings each month, this equates to a 13th cheque tax free.

Step 5

The credit providers shall send us information regarding your accounts including the outstanding balance, interest rate and the monthly repayment. Once we have this or at a certain time we update all the information into our inhouse debt management system.

Step 6

Your consultant will send you the agreed budget which outlines the amount available to your credit providers (rehabilitation amount), as well as the list of creditors included in the debt obligation list. You must go through this carefully and if you agree, please sign it and send it back to the consultant.

Step 7

Debtbusters will calculate the amounts for each credit provider and will send proposals to each credit provider outlining your agreed budget, the number of creditors included and a repayment plan for each credit provider. We will advise you of the amounts each credit provider should be paid on a monthly basis.

Step 8

If all the Credit Providers accept the proposal the you continue making the monthly payments to each creditor. If one or more of the Credit Providers does not accept the proposed repayment plan, then we will ask the credit provider for their counter offer and discuss whether you can increase your repayment to get the credit providers agreement.

Step 9

You are required to make the agreed monthly payment each month to the credit providers for the duration of the agreement. Each year Debtbusters will review your budget as part of our service.

Step 10

Once all your debt is repaid, DebtBusters will issue you with a clearance certificate which we will send to all your credit providers.

Debt Consolidation | Debt Counselling | NDMA