The Debt Review Process

 

Step One:
 

You complete an application form and provide us with the details of all your credit providers. Consultations are usually done telephonically and by e-mail, but can also be arranged to be done in person.

 

Step Two:
 

We determine whether you are over-indebted - in other words - do your monthly expenses exceed your monthly income. Please note:  you have to be over-indebted to qualify for debt review.

 

Step Three:
 

If you are over-indebted, we shall inform all your credit providers and the relevant credit bureaus that you will be under debt review with MSA. Your credit providers will then be requested to provide us with a Certificate of Balance (COB) in respect of your accounts.

You will immediately start to pay a single, provisional reduced, monthly installment in respect of all your credit providers, which will be affordable to you. During the first 60 working days, legal action may not be taken against you in respect of the debts that are under review.

 

Step Four:
 

After receiving all relevant COB’s, we will restructure your payment plan and negotiate with your credit providers where necessary. After negotiations with your credit providers, your newly restructured payment plan will be sent to all your credit providers and this payment plan will then take effect. Your restructured payment plan will reduce your monthly debt repayments to an affordable amount, leaving you with sufficient money for your living expenses.

 

Step Five:
 

We will instruct our specialist attorneys to apply for your restructured payment plan to become a court order.

 

The process will now be completed and you must ensure that your monthly payments are made timeously in order to prevent credit providers from taking action against you.