Contact Us: Tel: 0861 332 872 / 084 589 7000

How do I know if something is a necessity or a luxury?


Necessities can be described as those things that we can’t do without.

 Luxuries are the things which are more of an indulgence rather than a necessity.  These would include items such as Satellite TV, Timeshare or Gambling. 

 What happens if I want to apply for debt review?

 One of our registered Debt Counsellors will meet with you and go through your financials with you. You will have to fill in an application form called a Form 16 which sums up your debt situation. This process can also be done via e-mail. The benefit of applying via e-mail is that you don’t have to take leave to visit us in person.

We will want to get as much information from you as possible about what debts you have, your living expenses, etc. You will be expected to provide us with supporting documentation, for example statements of all you accounts. We will also ask you to sign a contract which explains what we can and can’t do if you want to enter debt review. This is combined with the Form 16.  You can download an application form 16 by clicking the download button.

Download Application Form

We will help you set a new budget for household expenses since this is often totally overlooked by consumers.  It is very important that you then stick closely to this suggested budget amount for your debt review to succeed.

We will negotiate with your creditors to lower your monthly installments and to extend your repayment period accordingly. We will also try to get your creditors to consent to a lower interest rate. A repayment proposal will be sent to each creditor and this proposal will be turned into a court application. The application is then heard in the Magistrates Court near where you live or work. The Magistrates Court will rule on the proposal as made by us. Your creditors are also welcome to come to court and object or ask for more money etc. If the Magistrate understands and approves the proposal he will make it an Order of the court. In some cases you will need to be present to say that you understand how serious the matter is and to commit to the process. Most Magistrates however don’t require the consumer to be in court at all and we can complete the whole process on our own.

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 The Court Order

 Once a Court Order is granted as per the proposal it is sent to all your creditors and you must make payments as per the Order each and every month with no deviations. This is very important. Any deviation could invalidate all the work that has come before and your creditors may decide to withdraw from the debt review and issue summons against you. Your monthly payments are made into the account of a Payment Distribution Agency (PDA) that is registered with the NCR, and they will pay your creditors in accordance with your court order. 


Payment Distribution Agencies

 Payment Distribution Agencies (PDA's) are companies that distribute consumers’ funds for them. The PDA’s normally collect one debt review payment from you (by means of a debit order) each month and split the payments up to each of your creditors. They get instructions from us on how to split your money up but they don’t let us or anyone else touch the money. They also send proof of the payments to your creditors and provide you with monthly statements. 


Paying up your debt

 Once one debt is paid off the amount you pay each month will not change (reduce).

It stays the same but the amount each creditor that is still left gets, increases a little bit. This happens each time a debt is paid up and soon all or most of your debts will be gone. Most plans for debt review are around 5 years long for short term debt. This might seem like a long time but most creditors collect smaller debt over 2 years anyway and the amount you pay over 5 years (or however long your plan will be) will be manageable if you stick to your budget each month.

Once all your debts are gone we will issue a Clearance Certificate that says that you are no longer over indebted. The Credit Bureaus will also clear your record of the debt. 

This is debt review in a nutshell. We are always willing to answer any questions that you may have or to attend to any uncertainties.