Who is involved in my Debt Review process?

Who are they?

This is an organisation which is chosen by you. The Debt Counsellor is responsible for taking you through the journey to rehabilitated finances. The DC firm you have chosen is responsible for renegotiating a restructured payment plan. A court order will be obtained on your behalf as confirmation of the new payment plan. It is important to remember that a Debt Counsellor must be registered with the NCR in order for them to render this service.

Who are they?

The PDA is responsible for the collection and distribution of your payments to your creditors.

How does it work?

You would have agreed to pay one set amount on your preferred payment date. This could be via EFT, cash deposit or debit order. If you choose to pay via debit order, the amount will be deducted by the PDA. The PDA will, in turn, distribute those funds to the different creditors, as per your payment plan prepared by your Debt Counsellor. You are able to get a detailed statement each month from the PDA. There are 4 registered PDA’s in South Africa. One of these being the iPDA.

Who are they?

Creditors are the organisations whom you owe.

How does it work?

Once a new payment plan has been agreed upon, your creditors are not able to repossess any assets. Your monthly contribution will be distributed amongst your creditors by the PDA. This payment is in line with the payment plan which has been agreed on between your debt counsellor and your creditors.