The DebtBusters Three-Step Plan
Get out of the debt trap with debt buster’s 3 step debt plan
Debt Busters are here to help make your debts easier to manage. Once you contact us you have made the first step to solving your debt problems.
STEP 1
Fill in your details below and we will call you back. You will need to send us proof of payment for the application fee of R50 by fax or email as well as any other documents that we request.
STEP 2
We shall inform all your credit providers and credit bureaus that you are under debt review. The creditors will then send back any information that we have requested within a certain time period.
STEP 3
After the debt review is completed we shall advise all your credit providers of the outcome and our recommendation for the debt plan. If all your credit providers agree, we draw up a consent order and you start paying the agreed monthly amount. If our recommendation is not accepted by the credit providers, action can be taken via the courts to have our recommendation accepted.
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Debt Counselling
The Government legislated the National Credit Act on 1st June 2007 to promote an effective, fair and accessible credit market and to protect consumers from reckless lending and over-indebtedness. The Act introduces regulated Debt Counsellors who have the expertise to help and guide people with debt problems and to design debt plans enabling people to afford their monthly debt obligations.
Are you struggling with debts and want to take control of your finances? If so, Debt Busters could help. We offer a debt counselling service that could be the perfect solution for people who are looking for help with their debts.
Benefits of our debt counselling programme:
- Have one single monthly payment that you can afford
- We negotiate with your credit providers on the repayment period as well as trying to reduce the fees
- Debt Busters have friendly and qualified experts who will listen to your situation and concerns
- We contact the credit bureaus and all your credit providers on your behalf
- The first step to taking control of your finances
- Be debt free in a fixed period of time
If you would like to find out more about how debt counselling could help you, contact Debt Busters today on the number below or use the free call back form on this page.
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Go to application form >>
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Debt Consolidation
Debt consolidation is the process of combining a number of debts with different lenders to one debt with one lender.
The effect can be to both reduce the aggregate interest rate charged on the debt and also to spread out the consolidated loan over a longer period. Both aspects will have the effect of reducing the monthly cost of servicing your debt.
A common method of consolidating debt is to use an existing or new mortgage bond secured over a property.
Short-term debt on credit cards, store cards or personal loans can be paid off by increasing your mortgage bond and thereby consolidating all your debt to your home that will invariably be charging a lower interest and will be spread over a 20 year period.
The combined effect is to dramatically reduce the monthly cost of debt servicing and free cash-flow.
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Frequently Asked Questions
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Why use a debt counsellor - Debt Counsellors were formally introduced by the National Credit Regulator (NCR) to help consumers who are having trouble with their debts. We are here to negotiate with your credit providers on your behalf to get you a manageable debt plan that you can afford.
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Is a debt review right for me – Do you suffer from any of the following: credit card debt, store cards, personal loans, don’t have cash at the end of the month? If yes, a debt review could be your best option for reducing your debt payments in a controlled manner resulting in your debt being cleared in a specific time period.
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Can I apply for a debt review if I am unemployed – No, you cannot go under debt review if you are unemployed.
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Will my details be sent to the Credit Bureaus and my credit providers – Yes, after completing the application, all credit bureaus and credit providers will be notified that you have applied for a debt review. We will then update the credit bureaus depending on the outcome of the debt review.
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What if I already have judgements against me – You can still contact us. Just please ensure we know your complete situation and don’t leave anything out.
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Can you cover all my debts – Not necessarily. We always advise that you pay your secured debts (house bond or car payments) as priority. Debt busters will then try to make a plan with all your unsecured debts (credit card, store cards, personal loans, etc). We will look at your monthly income and expenses and make a recommendation on the amount you can afford to pay on your unsecured debts.
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Does it make a difference if I own my home or not – No, you can still contact us.
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Can I apply for more credit or use my credit cards during the debt review and debt plan – No, we will ask you to destroy all your cards and return them to the credit providers. If you do take out credit during the plan then there will be serious repercussions.
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What happens if my credit providers do not accept the debt plan – Your credit providers have the right to reject the debt plan and if this happens a magistrates order will need to be obtained. However credit providers are likely to accept a reasonable offer that shows you are committed to get out of debt.
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Can the credit providers change their mind after the debt plan has been agreed – No. As long as you maintain your obligations to the credit providers, they are not able to take further action.
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How much will I have to pay to the credit providers each month – The monthly payments should be as much as you can reasonably afford after you have accounted for your basic living costs and those of your dependants.
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Do I have to attend an interview – We can organise everything over the phone, except certain documentation that requires your signature.
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What is the first step to starting the Debt Plan – Submit your details below and one of our friendly debt counsellors will call you back to discuss the options.
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Secured Vs Unsecured Debt
Secured
Secured debt is usually when you borrow money to buy an asset. If you don’t pay your monthly repayment, then you risk losing your asset.
Examples of secured debt:
- Bond/Mortgage payments
- Monthly Vehicle payments
- Income tax and VAT
- Fuel payments e.g. electricity account
- Traffic and motoring fines
- Maintenance payments e.g. municipal rates, child support
Unsecured
Examples of unsecured debt:
- Credit cards
- Store cards
- Bank overdrafts
- Personal loans
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Go to application form >>
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