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Debt Counselling Guide: Your 10 step plan

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:

Debt Counselling Guide

Debt Management Guide

Debt Consolidation Guide

Step 1

Contact DebtBusters by calling 086 999 0606 or filling in the Free Callback inquiry form. A consultant will contact you quickly to discuss and understand your financial situation, before explaining the advantages, process and cost savings debt counselling will give you. We will then send you an application form with a list of documents we require, for the process to start.

Step 2

After receiving your application we will do an assessment to check if you are over-indebted. We will also do a credit check and make sure that all accounts have been included. If found over-indebted, we will continue to step 3. If not over-indebted, we will advise you of our other debt management options.

Step 3

We will notify all your credit providers, the NCR and the credit bureaus of your successful application for debt review. The credit providers will adjust their systems to show you are under debt review.

Step 4

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.

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Step 5

The credit providers are required to 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 to confirm that you are over-indebted and confirm this with your creditors.

Step 6

We 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.  The consultant will give you details of the amount you have to pay, where you pay it and when. Payments will be made to a NCR registered Payment Distribution Agency, which will pay each creditor.

Step 7

DebtBusters ‘Negotiation’ team use 2 systems, DCRS & Pro-Rata to calculate the amounts for each credit provider. We 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

Step 8

If Credit Providers accept the proposals, we will advise you of the next steps and the legal process. If certain creditors don’t accept the proposed repayment plan, the Negotiators will discuss the amount required and create a new proposal. If the final proposal is not accepted, we will advise you to start a legal process and for a magistrate to make the final decision.

Step 9

You are required to make the agreed monthly payment each month to the Payment Distribution Agency (PDA) for the duration of the debt review. 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, the NCR and the credit bureaus. Within 5 business days you credit record will be clear.

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Contact Us

5th Floor, 11 Adderley Street,Cape Town, 8001
[email protected]

Operating Hours:

Mon-Thu: 07:00 - 21:00
Fri: 07:00 - 18:00
Sat: 09:00 - 12:30

Call our experts now on 0861 365 910Registered debt counsellor NCRDC2484A member of the National Debt Counsellors Association