Abacus Debt Consulting

Debt Counselling that CAN Work!!

The Debt Review Process:

Step 1:

Provide details of your income, monthly budget and debt commitments to the Debt Counsellor.  You will need copies of your payslip, ID and the latest statement of all your debt.

 

Step 2:

The debt Counsellor will do an intial assessment to check that you are over-indebted and will then set up a consultation with you.  This could be a face to face consultation at one of our branches or a telephone consultation.

 

Step 3:

During the consultation the Debt Counsellor will verify your budget and your existing debt commitments.  A new budget will be agreed and the amount available for debt repayment will be determined.  The Debt Counsellor will also provide you with details of all the costs as well as an interim repayment plan.  This is when you officially apply for debt counselling.

 

Step 4: 

The Debt Counsellor will contact all your credit providers as well as the Credit Bureaus to verify your debt.  You will also be listed on the Credit Bureaus that you are under debt counselling.  The listing will stay there until you have paid everything off, then it will be completely removed.  The Debt Counsellor will, where possible, negotiate a proposal with all your credit providers.

Step 5:  

The credit providers may accept the proposals and if all of them do then a Consent Order will be obtained from the Magistrate Court.  If one or more of the credit providers do not accept the proposed repayment plan, the Debt Counsellor will submit a proposal to the Magistrate for a decision. 

 

Step 6: 

The Debt Counsellor will provide you with a final repayment plan and this plan is also submitted to a Payment Distribution Agency (PDA).  The aim of this is to collect a single payment from you and ensure that hte correct amount is paid to all credit providers on a monthly basis.  This will continue until the debt has been repaid.