There is not a maximum period of time, although debt counsellors try to get matters to solve in a time that is not excessive. The time period depends on how much debt you have, the interest rate and how much you can pay back each month. By paying back more the debt should reduce faster.
DebtBusters suggest that clients advise the credit providers that they have applied for debt review in terms of section 86 of the National Credit Act. If the credit providers ask for proof, clients will be able to show them their DebtBusters receipt.
A DebtBusters consultant will go through the client’s budget and advise the client on the optimal affordable amount which is available to pay credit providers. This amount will be determined after the clients living expenses and those of their dependents, have been accounted for.
Credit Providers are not allowed to change their minds once the debt counselling proposal has been agreed upon. As long as clients maintain their payment to the credit providers each month, they are unable to take further action.
Clients can still contact DebtBusters if they already have judgements against them. However, DebtBusters insist that clients inform the company of their situation and do not fail to disclose any information, as omitting to provide certain information can have serious repercussions with the credit providers.
Unfortunately, clients are not able to apply for debt counselling if they are unemployed. However, if the client is married “in community of property” and their partner works, then the client will be allowed to apply for debt counselling as a joint application.
With regards to debt review, all credit bureaus and credit providers will be notified that the client has applied for the debt solution. However, with DebtBusters debt management solution, only the clients credit providers will be notified.