In 2007 the National Credit Act initiated a program called Debt Review also known as Debt Counselling to help over indebted consumers to rehabilitate them from their old ways of handling credit.
Because credit providers are always quick to blacklist, garnish and repossess assets from consumers when they miss payments, the government wanted a program that was going to assist people with paying off their debt, leave them money to live on, and protect them from any legal actions that may be taken against them by their creditors. Pioneer Debt Solutions specializes in helping over indebted people to bring back the balance of being able to pay of their creditors and seeing to their daily needs.
This is how the debt review process works:
- You contact Pioneer Debt Solutions for help.
- We assess your income, against your monthly expenses and your monthly debt repayments, consolidate all your instalments, and reduce them to one provisional monthly payment.
- You complete the application process with Pioneer Debt Solutions and wait for a sms confirming your debt review has been accepted.
- You wait for your provisional payment to be debited by our PDA (payment distribution agency) on your next salary pay date.
- We notify your creditors you are under debt review and are protected from any legal actions.
- Pioneer Debt Solutions negotiates with your credit providers to reduce your monthly instalments and interest rates to a reasonable and affordable repayment plan.
- Pioneer Debt Solutions apply to the courts to turn your repayment plan into a court order, our legal experts represent you in court.
- You make sure to pay every single monthly payment because missing a payment will affect your debt counselling process.
- Our PDA provides you with monthly statements.
- Smaller debts are paid off, making more funds available for bigger debt and that decreases your repayment period.
- Once you have completed the debt review process and all your debt is paid off, a clearance certificate will be issued confirming that you have paid off all your debt and your name will be removed from the credit bureau allowing you to start a new, clean responsible credit life.