THE LEGAL PROCESS




STEP 1

Contact Financial Waymaker Debt Counselling to enter into the debt counselling / review process.


STEP 2

Fill out an application form (FORM 16) and provide all your credit agreements to Financial Waymaker Debt Counselling.


STEP 3

We will assess whether you are over indebted, debt stressed and pursue all your credit agreements to determine whether your creditors have acted recklessly or unlawfully in lending monies.


STEP 4

We will then inform ALL your credit providers and the credit bureaus (FORM 17.1) and request certificates of balances (COB’s) for all agreements.


STEP 5

We will then enter into negotiations with all your credit providers on an affordable repayment arrangement with reduced interest rates - NO legal action may be taken against you whilst we negotiate your payment arrangements.


STEP 6

Once we have determined that you are over indebted, we will then proceed to send all creditors a (FORM 17.2) confirming that you are over indebted.


STEP 7

We will then send a payment proposal to your creditors for approval.


STEP 8

If all your creditors accept - we will then obtain a court order from a Magistrate court in respect of your debt repayment plan.


STEP 9

A Payment Distribution Agency (PDA) will channel your repayment plan to all your creditors with a schedule and provide monthly statements to you and creditors.


STEP 10

Once all your debt has been paid off and / or no arrears outstanding on the arrangements and / or only a bond repayments remaining, we will issue you a Clearance Certificate and notify ALL the credit bureaus that you are no longer under debt review.