Bust those instalments and climb your debt mountain step-by-step with Instalment Busters.
7 Steps to Becoming Debt Free with Instalment Busters
Step 1
Complete an application form and provide Instalment Busters with the details of all your Credit Providers. (Consultations are done telephonically and by e-mail, so you do not have to consult with us in person.)Step 2
We determine whether you are indeed over-indebted and whether Debt Review is the best way to help you become debt free. Sometimes other processes like sequestration or administration might be better suited for your unique circumstances. If that is the case, we will advise you accordingly and assist you with the relevant process.Step 3
We inform you of the outcome of our assessment and provide you with a provisional payment plan, indicating how much we can reduce your monthly instalments, based on the information provided by you. If you are happy, we continue with the process.Step 4
We inform all your Credit Providers that you are under Debt Review, so that they can stop bothering you and ensure that legal action is not taken against you. We also request them to provide us with a certificate of balance, so that we can draw up your final repayment plan with accurate figures.Step 5
After receiving the accurate figures from your Credit Providers, we will start to negotiate with them, in order to make sure that you can afford your new payment plan.Step 6
We provide you with your final repayment plan for your acceptance.Step 7
We apply at court to make your repayment plan an order of court, in order to make sure that your Credit Providers do not change their minds after accepting your new repayment plan and to make sure that you are at all times protected against your Credit Providers.
General Information
Your payments will be made to a Payment Distribution Agency (PDA) who will distribute your money according to your debt restructuring plan. Our PDA is regarded as the biggest and best in South Africa and is accredited by the National Credit Regulator.
Provision is made for your Debt Counselling fees to be included in your debt restructuring plan. This ensures that you will only be making one affordable monthly payment towards your Credit Providers and Debt Counselling fees.
Instalment Busters is there for you all the way. We will provide you with monthly aftercare and monitor your payments to the PDA.
Once you have fulfilled all your debt obligations, we will issue you with a Clearance Certificate and advise all the credit bureaus. They will then remove your Debt Review status from their records.
