Summit always strives to think out of the box and make use of a number of debt relief solutions, depending on a consumer’s specific situation.
Summit’s team of experts scrutinise loan agreements and garnishee orders to ensure that fees and collection processes are in line with current laws and regulations. They have a reputation for spotting irregularities within seconds and their sharp negotiation skills have allowed them to save over R4.1 million for consumers in 2011 alone.
2. Debt Counselling (click here to find out more)
Where appropriate, Summit will recommend Debt Counselling, a statuary process introduced by the National Credit Act that relies on agreements with credit providers to reduce instalments and interest rates on outstanding accounts. The process ends with a magistrate’s court order enforcing a consumer’s payment proposal or merely extending the term of payment to reduce instalments. This allows the consumer to pay off their debt while still affording their necessary monthly expenses.
Fill in our online application to find out if you qualify for Debt Counselling – click here
3. DCRS Payment Proposals
DCRS is a pre-agreed formula created by the credit industry to apportion the consumer’s monthly cash surplus. The importance of this formula is that all major credit providers have agreed to automatically consent to proposals which solve within the DCRS steps. This makes it much simpler to get the payment proposal confirmed by the magistrate court.
Summit’s debt counselling team are DCRS experts and on average 80% of debt counselling applications solve in the DCRS formula, depending on the consumer’s affordability.
4. Voluntary Arrangements
Where appropriate, Summit will provide a consumer with a budget showing what they can afford to pay and advice them on making voluntary arrangements directly with their credit providers.
5. Information on Sequestration, Debt Consolidation and Administration
Although Summit does not offer Sequestration, Debt Consolidation or Administration, our team is ready to offer information and guidance on the benefits and dangers of these processes.