How does debt counselling work?
Are you in debt and struggling to pay it off? Are your assets in danger of repossession? Debt counselling may be the right path for you to take. Debt counselling can reduce your debt repayments to an affordable rate so that you can pay off your debt and have money left over to pay for everyday expenses.
Here is how the process works:
- Find a reliable debt counsellor, Meerkat is a confidential trustworthy option – Read our client reviews
- We will ask you for your ID to pull your credit record so we can see what debt is recorded and what you are paying each month. Then we will review your expenses to better understand your budget.
- We will then work out an affordable reduced monthly repayment plan keeping your budget in mind.
- On acceptance of the revised plan, you will be flagged on the credit bureau as having applied for debt review. This does not mean that you are blacklisted, this Protects you from any legal action creditors may take and enables you to pay off existing debt before taking on any new credit.
- We then contact all your creditors for you and explain that you have entered under debt review. A request is made for final certificates of balance to have an updated view of the debt that is outstanding.
- Once this process has been completed, we will give you your final monthly repayment plan. Now you will only have to make one reduced payment to all your debt each month.
- Make sure you keep up with your monthly repayments so that you can keep on your path to financial freedom.
- After the process has been completed you will receive a clearance certificate and you can start your new financial life with a clean slate.
