DebtGrip

DebtGrips’ debt calculator paints a clear picture of how much debt you have. Within just a short amount of time, you can gain valuable insight into your financial state.

What’s great about this unique feature is that it’s offered for free and comes with no obligation. Your information will be kept confidential and reviewed by DebtGrip’s team once you’ve requested advice.

A diverse range of offers is available

• Analysis of your debt, which pinpoints an affordable repayment term that’s tailored to your situation.
• DebtGrip manages everything from liaising with your credit providers to accepting your new payment arrangement. This in the end helps you save.
• DebtGrip works with a reputable legal firm which ensures that all legal processes are dealt with professionally.
• Deduction of a single payment every month to make payments to your credit providers in good time. Find a new lease on life with DebtGrip

With so many years of experience in assisting South Africans to better manage their finances, the DebtGrip team is showing no signs of stopping their progress.

They can help you uncover a new lease on life. Deciding to go through the debt review process helps you immediately pull the brakes on excess debt without having to sell any of your valuable possessions.

9 ways you benefit from debt review with DebtGrip

1. Avoid legal action taken by creditors
2. No calls from debt collectors
3. Affordable debt repayment
4. Reduced interest rates
5. You make one payment every month
6. If your finances improve, you can cancel the debt review
7. Once you’ve settled your debt, you’re debt free
8. Any cars with an outstanding balance will be settled after debt review
9. Credit insurance affords you peace in case an unexpected event happens such as death, illness or retrenchment

3 phases of debt review:

Phase 1 - Applying for debt review

• You get a free consultation. When you contact DebtGrip, an appointment will be made for a free consultation. It’s during this time that your finances are reviewed to figure out how much you can afford to pay after deductions.
• Next, you need to complete the application form called the F16 form. Thereafter, you need to return the necessary documents to DebtGrip.
• You can no longer apply for any credit. Once you’ve decided to begin debt review and submitted the debt review application form, you’re no longer eligible to apply for credit until you’ve completed the entire debt review process.
• DebtGrip communicates with your credit providers. DebtGrip informs your credit providers and the Credit Bureau within five days that you’re under debt review by providing them with your signed F17.1 form.
• You’re advised to start debt review. After a careful analysis of your finances by debt counsellors from DebtGrip, you’ll be recommended to begin the debt review process.
• Payment arrangement. DebtGrip contacts you to discuss the payment arrangement set in place for you. The payment plan is further sent to your credit providers, who can either acknowledge, decline, or make other additional offers regarding your payment arrangement and interest fees. The negotiation process continues until a practical and affordable payment is settled upon.

Phase 2 - Legal proceedings take place

Application for a court order. Your payment arrangement is made an order of court by a debt counsellor. Credit providers who don’t acknowledge the structure contained with this payment arrangement need to motivate why they don’t accept the offer.

Phase 3

1. Evaluation: If you decide to proceed with the debt review process. You’ll need to complete the F16 form and include the necessary documents and submit them to DebtGrip.
2. Single payment deduction from your bank account: Every month, one payment will be collected from your bank account and paid to your credit providers until your debt is settled in full.
3. You’re now debt-free: Once you’ve fully paid up what you owe, you’ll be offered a clearance certificate, which means you’ve completed the debt review process.