What is Debt Mediation?
Debt Mediation is a service to help clients struggling to keep up with their monthly debt repayments. Through Debt Mediation we negotiate and affordable to client and acceptable to the creditor monthly repayments on our clients behalf.
•If you are not already blacklisted, it can be prevented,
•Legal action, can be prevented where possible;
•Alternative arrangements are made with your credit providers, on your behalf, to reduce your installments;
•If you are over indebted, we can, apply the industry restructuring rules, avoiding a court process.
•If the rules are applied correctly, credit providers that are members of the NDMA are obliged to accept the proposal;
•You will be provided with an agreed, affordable and realistic monthly budget in order to resolve the situation in the shortest possible time;
•You will enjoy an improved financial position.
•Negotiate with your credit providers on your behalf.
•Reduce your monthly repayments.
•Save you money and increase your disposable income•
Assist you to improve your ITC and Experian records – once your creditors are paid
•NOT be listed on the ITC .
•Pay one monthly amount for ALL your debt.
•Know exactly how much you have available to spend each month.
•Be able to focus and concentrate at work.
•Be able to track all payments to creditors
Debt Mediation process
Once you complete our application form, a qualified consultant will call you to do a full assessment of your current financial situation. Once the assessment is completed we will require written consent from you before the plan can be put in place. Note that we will only continue the plan if we can improve your current financial position. Once you agree to the plan – A letter of acceptance will be issued to you – Letters are issued to your creditors in term of The National Credit Act – You might need to open a new bank account or cancel all your existing debit orders – You will receive monthly statements to see how the fund are distributed between all your creditors. Period of this process will depend on outstanding debts.