When you enter into the Debt Review process, you’ve put up your hand to say that you aren’t in a financial position to make your full monthly debt repayments, but you can make a reduced payment.

It’s important that you make your new restructured repayment each and every month because our assessment of your personal situation has determined exactly what you can afford, and based on that, we are busy renegotiating all your credit contracts.

What happens if you miss a payment? That’s a really good question, and one we get very often, so it’s worth answering it in this blog post.

Before we answer that, it’s important to note that Debt Review repayments are collected via a debit order run against your nominated bank account. The debit order needs to run the same day every month (just like an insurance policy or cellphone contract) and it also makes sense to have that debit order date aligned as closely to payday as possible.

We use Hyphen as our 3rd party collections partner to collect your Debt Review payment and re-distribute the monies to your creditors. They are very well established and the best in the business (in our opinion). When you see your Debt Review repayment going off your account each month, look out for Hyphen on your bank statement and not SA Debt Advisors. That’s important to note.

Back to the original question.

What happens if you miss your Debt Review payment?

We can either lodge another debit order if you still have funds available in your bank account. Or, you can pay the money directly into Hyphen’s bank account with a reference number. The easiest thing to do is to reach out to us on our WhatsApp line. The link will be included in the SMS we send out weekly (if you haven’t already saved it on your phone). That way we can quickly work out how we can help.

This is important to remember.

If you miss two consecutive debit orders with Hyphen or you dispute the collection at your bank (reverse the debit order) they suspend your debit order and then we need to reinstate it. It will be a time-consuming process for you, so we suggest that you please make funds available in your account to make sure your debit order runs successfully.

You are always welcome to confirm how much your Debt Review repayment is each month and which day of the month we collect.

Kind regards

The SA Debt Advisors Team NCRDC 3434