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Step 3
The consultant will explain to you what your rehabilitation amount per month would be. The consultant will give you details of the amount you have to pay, where to pay the amount to, on which date the payment is required. As well as forward you the contact number and details of the Payment Distribution Agency (PDA) that will be used to pay the specified amount to each credit provider.
Step 4
We will notify all your credit providers, the NCR and the credit bureaus of your successful application for debt review. The credit providers will adjust their systems to show you are under debt review and you will appear on the Credit Bureaus as being under Debt Review. Please note that you will not be able to access any further credit once this step has been taken.
Step 5
The credit providers are required to send us information regarding your accounts including the outstanding balance, interest rate and the monthly repayment. We will continue to prepare a proposal and discuss it with you. If you are satisfied we will forward it to all your credit providers outlining the amount available for payment to your credit providers (rehabilitation amount), as well as the list of creditors included in the debt obligation list. It will also show what you are currently paying to the different debt obligation and what we propose your new payment should entail.
Step 6
The Credit Providers may accept the proposals and if all of them do, a consent order can be obtained which we will forward to all the credit providers. If one or more of the Credit Providers does not accept the proposed repayment plan, ADCS will submit an application to court for the magistrate to make a final decision.
Step 7
You are required to make the agreed monthly payment each month to the Payment Distribution Agency (PDA) for the duration of the debt review. Each year ADCS will review your budget as part of our service.
Step 8
Once all your debt is repaid, ADCS will issue you with a clearance certificate, which we will send to all your credit providers, the NCR and the credit bureaus. Within 5 business days your credit record will be clear.
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