What is the process of debt consolidation?
The process of debt consolidation is very straightforward and you will be assisted by your personal Bond Busters consultant throughout the process. You will need to provide the following documentation:
- Copy of your ID (and spouses / partners if applicable)
- Previous 6 month bond statement
- Completed application form
- A breakdown of all your outstanding debts, account numbers, balance and instalments
- Proof of income
Once your consultant has all this documentation they can do a review of your situation, perform the calculations and submit the motivation to the relevant lending institutions.
Once a lender has been found who is willing to consolidate your debts, it is likely that they will want you to settle and close some, or all your accounts in which you have your debts. They will either want the attorney to do this at bond registration or they will request a signed letter from you that you will do it.
Since the introduction of the National Credit Act it has meant that once your debts are consolidated you will find it harder to take out other debts, thus giving your new lender some protection on your outstanding debt.
Follow the links on the right to navigate to the different sections of our Debt Consolidation Guide or click here to go to the next part of the guide.