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Step by Step Guide


Step 1                                               >  
Contact a LDS consultant who will explain the process and costs of debt management and send you the application form with a list of the documents we require for the process.

Step 2                                               >  
We will notify all your credit providers, the NCR and the credit bureaus of your successful application for debt review.

Step 3                                              >  
Issue a Form 17.1 to inform creditors that you are under debt review and request a certificate of balance for your account.

Step 4                                             >  
Once all the relevant financial information has been provided we will issue your creditors a Form 17.2 to confirm the clients over-indebtedness and inform creditors and credit bureaus via the NCR Debt Help Website.

Step 5                                             >  
LDS will set each client up  with a Payment Distribution Agency (PDA) who will distribute the allocated payments to each creditor accordingly.

Step 6                                             >  
LDS will forward each credit provider with a detailed proposal outlining your agreed budget, the number of creditors included and a repayment plan for each credit provider.

Step 7                                 >  
The Credit Providers may accept  or decline the proposals and if all do, LDS will obtain a consent order which will then be forwarded to all the credit providers. If one or more of the Credit Providers does not accept the proposed repayment plan, LDS will submit the application to high court for the magistrate to make a final decision.

Step 8                                           >  
You are required to make the agreed monthly payment each month to the Payment Distribution Agency (PDA) for the duration of the debt review.

Step 9                                          >  
LDS will provide annual aftercare for each of our clients , to establish whether or not their circumstances have changed

Step 10                                       >  
Once all your debt is repaid, LDS will issue you with a Clearance Certificate (Form19) which we will send to all your credit providers, the NCR and the credit bureaus. Within 5 business days you credit record will be clear.

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