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Avoid the double debit disaster

Avoid the double debit disaster

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No one wants to be double debited – especially in these difficult times. Yet, that can happen if you delay in changing your banking details. One of the very first things to do once you have decided to go under debt review – is to open a new bank account at a different bank – and shift the necessary debit orders to the this account.

We are South Africa’s leading debt counselling company and as our client, we will gladly guide you through this. It is vitally important that you accept the Debi-check mandate from us as soon as possible. Doing all of this will ensure that your creditors are only paid once – and you can start your journey to becoming debt free.

 

First phase

Once you have decided to go under debt review, you will need to fill out a document called a Form 16 and submit all other documents, which includes:

  1. Identity document
  2. Salary/ wage slips
  3. Marriage certificate
  4. Bank statements
  5. Credit agreements
  6. Marriage certificate (where applicable)
  7. Any communication from creditors, attorneys or debt collectors

 

Depending on the information shared in your consultation, your debt counsellor may also ask you to sign a Power of Attorney (POA) which gives your debt counsellor the permission to cancel all debit or stop orders from your current bank account on your behalf. Debt counsellors are not allowed to collect and distribute debt counselling funds to credit providers. Therefore, a debt counsellor should never give you their personal or company bank details, and ask you to deposit money into their account.

The National Credit Regulator has accredited Payment Distribution Agencies (PDA’s) tasked with collecting consumers monies and distributing these monies to your credit providers. Consumers may obtain more information about accredited PDA’s by calling 0860 627 627 or visiting www.ncr.org.za If you feel uncomfortable about any aspect of the debt review process – please contact us immediately. We are here to help you on your road to financial freedom, but you need to be committed to the process, make your payments on time and trust us.

Relax. Don’t panic. We’ve got you.

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