About
Reset Debt is managed by experienced, professional attorneys and debt counsellors who understand the debt review process and the importance of ensuring it is followed with utmost care.
Reset Debt commits to:
- provide a top-quality service to all our clients;
- always exceede our client’s expectations;
- treat all information as private and confidential.
What is debt review?
Debt review is the process whereby a debt counsellor assesses a client’s outstanding debt and implements a restructured debt repayment plan. This will be done through the process of renegotiating monthly instalments and interest rates with credit providers in order to reduce them, as well as by extending the debt repayment terms.
To qualify for debt review, you need to be over-indebted as defined by the National Credit Act – this means, you are unable to meet all your financial obligations in a timely manner. This is determined by a debt counsellor and basically means that you can’t repay your minimum monthly instalments.
If you are over-indebted, we shall inform all your credit providers and the credit bureaus that you are under debt review. Your credit providers will also be requested to provide us with the balance and all other information in respect of your accounts. Based on your income and expenditure, a restructured payment plan is drawn and is sent to your creditors for approval.
We can negotiate with your creditors with regards to your payment plan.
Thereafter an application is made to court to make your restructured payment plan an order of court. This court order is obtained as per the National Credit Act and protects your assets while you are under debt review.
Monthly payments must be punctual otherwise the creditors will proceed with legal action against you.
If legal action has already commenced, such as you receiving a Section 129 letter in terms of the National Credit Act or summons, that debt cannot be placed on debt review. Therefore, if you are falling behind on payments, you need to act fast.
If you decide to apply for debt review, we will contact all your credit providers to inform them of your debt review status. If any of your credit providers or even their debt collectors contact you, you can simply refer them to us as they are not allowed to threaten you or make any demands from you.
How to start?
Complete the no obligation debt review application form for a free assessment.
Reset Debt assess your application and makes a finding
You are placed under debt review – no creditor may proceed with legal action against you
Your debt is consolidated in single reduced payment in accordance to your affordability
Debt Review application and restructured payment plan made an order of court
Free Assessment
Download the application form
Complete the no obligation application form and send it back to info@resetdebt.co.za
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