THE DEBT REVIEW PROCESS
In practice, a consumer will usually consult a Debt Counsellor when he or she realizes that he or she cannot meet his or her monthly obligations. In other instances, the consumer who has defaulted on payment on a particular credit agreement may receive a letter in terms of Section 129 of the Act from the credit provider that informs him/her of the default and refers him/her to, amongst others, a debt counsellor.
Upon inquiry the following information must be conveyed to the consumer.
- The purpose of debt review
How the debt review process works and what the role of the Debt Counsellor will be:
The information and documentation required to support the application.
The Fees as per the NCR guidelines
The consequences of being placed under debt review: