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Sauve Debt Counsellors

Debt Review / Debt Counselling in short is the reduction of monthly debt repayment.

The Debt Review process is set out in the Credit Act 34 of 2005. A short description follows;

  • Consumer applies for debt review due to not being able to repay his/her normal monthly debt repayment
  • Notification is send out to all creditors concerned, via the form 17.1.
  • Upon the receipt of the 17.1 all creditors need to supply the DC with a COB ( Certificate of Balance ) which indicate latest outstanding balance, interest rate and fees.
  • After all accounts have been updated with the figures of the COB that was supplied by the creditors and the DC finds the consumer over indebted a from 17.2 is send out to all creditors to notify them with the DC findings.
  • Then a new reduced repayment proposal is send out to all creditors upon which they can either accept, decline or send a counter offer.
  • The consumer's Debt Review application is then send to court in order for the consumer to oppose the application as required by law if needed, and or the debt review application to be made an order of Court, thus having a Court Order.
  • Depending on the court the consumer normally doesn't have to appear in court as an attorney will be appointed for you by the DC ( Debt Counsellor ).