The debt review process and the debt review sales process

The debt review sales process #

Step 1: Call the consumer and introduce the company and the service we offer and yourself (consultant)

Step 2: Ask the consumer to confirm the ID number, Marital status, Salary, and if the consumer has an Overdraft on the cheque account

Step 3: Confirm creditors of the consumer and explain the reduced amount and the amount the consumer will be saving

Step 4: Collect details of the consumer and explain the terms and conditions of Debt review

Step 5: Advise the consumer of the documents that will be sent to him/her and the documents we need to be sent back to us and explain about the second call the client will receive from the Portfolio manager as the confirmation call

The system we use to capture consumer details is called Idocs and we require an ID number from the client.

The debt review process #

This process is far more simple than people sometimes expect and can be summarised in a few steps.

Step 1: The debt counsellor will have a look at your financial situation as a whole and gauge your ‘debt profile’. This will involve accounting for all of your income as well as the exact amount of debt which is owed to your different creditors. Once this step is complete and your debt counsellor concludes that you are over-indebted your debt review journey will begin.

Step 2: Formalising the process by means of paperwork. This is to ensure that you and your debt counsellor are on the same page about how to proceed and that the formal process can officially begin.

Step 3: Your creditors are contacted to confirm precisely how much money is owed to them.

Step 4: You become listed on the National Credit Bureau’s NCR Debt Help database.

Step 5: The NCR will then inform your creditors of your application to the debt review process.

Step 6: This exchange opens negotiation between your debt counsellor and your creditors. Negotiations regarding the amount payable to them as well as different timeframes. From this exchange, your debt counsellor will be able to plan a payment schedule for you, outlining exactly what is required from you financially going forward.

Step 7: Creditors confer for agreement and a consent order is issued. This is to ensure that there is a shared understanding between the debt counsellor as well as the creditors regarding the negotiations that have occurred.

Step 8: You start making your one monthly payment to your debt counsellor and finally get that peace of mind you’ve been craving!

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