How we do it
At DebtBusters, we believe in simplicity.We realise that debt solutions may come across as confusing and in depth.
In order to make the process as simple for you as possible, have a look at the debt solution guides filled with information on each debt process, in order to gain a better understanding and see exactly how debt solutions are executed.
Take a look at one of the following debt solution guides:
Contact DebtBusters by calling 086 999 0606 or filling in the Free Call back enquiry form. A consultant will contact you quickly to discuss and understand your financial situation, before explaining the advantages, process and cost savings debt management will give you. We will then send you an application form with a list of documents we require, for the process to start.
After receiving your application we shall do an assessment to check your financial circumstances. At this stage we will do a credit check and advise if there are any other additional accounts you did not include. If severely over-indebted, we may advise a better debt solution for you.
We will notify all your credit providers, of your successful application for debt management.
We will discuss your household budget and advise on the many areas (insurances, bank fees, groceries & many more) where you can save money. This will enable you to pay off your debts in the shortest period possible, as by saving 8% of your monthly outgoings each month, this equates to a 13th cheque TAX FREE.
The credit providers will send us information regarding your accounts, including the outstanding balance, interest rate, the monthly repayment and whether legal action has started. Once we have this, we will then update all the information into our debt management system.
Your consultant will send you the agreed budget, which outlines the amount available to your credit providers, as well as the list of creditors included in your debt obligation list. You must go through this carefully and if there are any amendments, let the consultant know. The consultant will give you details of the amount you have to pay, where you pay it and when.
DebtBusters ‘Negotiation’ team will calculate the amounts for each credit provider and will then send proposals to each credit provider outlining your agreed budget, the number of creditors included
and the repayment plan for each credit provider.
The Credit Providers may accept the proposals and if all do, DebtBusters will advise you of the next steps. If one or more of the credit providers do not accept the proposed repayment plan, the Negotiation team will discuss the amount required with the credit provider and you, to see what is required for the proposal to be accepted.
You are required to make the agreed monthly payment each month and as per the agreement. At least once a year, DebtBusters will review your budget as part of our service.
Once all your debt is repaid or you are in a situation where arrears are paid up and you are able to pay the full original installment, DebtBusters will advise your credit providers.