The Debt Review Process
Application Form 16
On first consultation the debt counsellor will assist the consumer in completing the application (Form16), request statements of accounts, explain the process in detail and disclose the applicable fees in writing.
Notification to NCR, Credit Bureaus & Credit Providers – Form 17.1
The debt counsellor will inform all credit providers of the debt counselling application by issuing Form17.1 within (5) five business days of accepting the application from a consumer.
The debt counsellor will also register the consumer within (5) five business days on the NCR Debt Help System as having applied for debt review. The NCR will notify the credit bureaus to flag the consumer as having applied for debt review.
Assessment Form 17.2
The debt counsellor will conduct an assessment to determine if the consumer is over-indebted and arrive at the disposable income (amount available) to repay debt. After the assessment, the debt counsellor will either reject the application (if not found to be over-indebted) or accept (if found over-indebted) and communicate the outcomes with the consumer, credit providers and credit bureaus by means of Form 17.2
Debt Restructure Proposal
If your application is accepted, the debt counsellor will restructure your debts and make a proposal to your creditors. The debt counsellor will also undertake any negotiations with your credit providers.
Application For Court Order
If all credit providers accept the proposal, the debt counsellor will prepare a consent order. If one or more creditors decline the proposal, the debt counsellor will refer the matter to the magistrate court for a ruling.
If the court order is granted the debt counsellor will advise the consumer and send the order to consumer and all credit providers.