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How the Debt Review Process Works

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Debt Review

How the Debt Review Process Works

iNDC Financial Wellness Centre was established in 2008 and has successfully helped over 5 000 consumers nationwide, to repay their debts through consolidated monthly repayments. This process protects the consumer against further legal action from creditors and the loss of assets.

We explain the debt review process below to help you make an informed decision on how to become debt free.

Debt Review

Apply for debt review through iNDC Financial Wellness Centre to ensure immediate protection against legal action from creditors. They cannot call or harass you, and cannot take legal action against you for debts under debt review during this period.

Complete the Application

Fill in the online contact form; call us at 087 232 7793; or SMS “debthelp” to 083 320 6805. As an alternative to these contact methods, you can send an email to A debt counsellor will contact you and evaluate your financial position.  The debt counsellor will explain the process, benefits and implications to help you make an informed decision.

iNDC Notifies Credit Providers and Credit Bureaux

Our counsellors will within five working days send out a notification to the relevant credit providers and the credit bureaux. You will enjoy protection against creditor legal action during the initial 60 business working days, while we negotiate with creditors. A flag of debt review will be placed on your record at the credit bureaux. This is not blacklisting, but serves to protect you against creditor action. The creditors issue a certificate of balance to the debt counsellor within five working days from receiving the Form 17.1. It shows the balances and interests relevant to the credit agreements.

No More Credit Agreements

By law, you will not be allowed to incur any further debt and creditors may not extend credit to you while you are under debt review. Place a stop payment at your bank for all current debt orders for the relevant debts. You will now pay a consolidated amount and no longer pay each creditor separately.

Confirmation of Over-indebted Status

Our counsellor issues notification through Form 17.2 to the creditors, to confirm your over-indebted status after the final assessment has been done and the conclusion is that you are over-indebted.

Payment Negotiations

We submit the debt re-arrangement proposal to the creditors, and negotiate new and reduced payment, lower interest and extended payment terms. This proposal includes repayment towards interest, charges, fees and capital reduction. Note that credit providers will not accept unreasonable payment terms and the idea is to get you debt free in the shortest possible period. The creditors indicate in writing whether they accept the repayment plan and cannot terminate the debt review process if they do not agree with the proposed payment plan, as long as the matter is set down in court and you continue to pay monthly according to the plan. Our attorneys apply for the matter to be set down in court to ensure your protection and you do not have to make a court appearance. The court finalises the arrangement.

Monthly Payments

You commit to the payment plan and a debit order is set against your account for the proposed amount. The consolidated amount is paid to the payment distribution agency or PDA, who distributes the moneys to the various creditors according to the payment plan. You will receive monthly statements indicating the payments collected, cleared, distributed and confirmed paid. The statements will also show outstanding balances and the fees paid to the debt counselling company and PDA.

Consumer Responsibility

It is imperative that the payments are made on time and every month. Any missed or late payments can lead to immediate termination of the debt review and the creditors can then take legal action against you. If for any reason a debit order did not go through, contact your debt counsellor at iNDC Financial Wellness Centre immediately in writing and telephonically, for a re-launch of the debit order to ensure on-time payment.

However, it is better never to get into such a situation and it is thus recommended that you plan your finances, to ensure that the money is available on the stipulated date. We will review your financial situation annually.

Debt Clearance Certificate

Once the debt has been settled, we will issue a debt clearance certificate through Form 19 to all of your credit providers and the credit bureaux. Your name will be cleared and you can enter into credit agreements.

If you struggle to make monthly payments and are concerned that you will lose your assets or that judgment will be taken, you need to act now. Contact us for immediate professional debt review assistance.