Debt Mediation

If you’re feeling stressed and worried about debt, you’re not alone. Many South Africans are struggling with debt, and it can feel like there’s no way out. But there is hope! Debt mediation is a process that can help you get back on your feet and take control of your finances. Let us be your debt mediators of choice.

What is debt mediation?

Debt mediation is a formal process where a neutral third party, called a debt mediator, helps you negotiate with your creditors to reduce your monthly debt payments. The debt mediator will work with you to understand your financial situation and create a proposal that is fair to both you and your creditors. If the proposal is accepted by your creditors, you’ll have a new, manageable debt repayment plan that you can stick to.

Navigating debt mediation alone isn’t easy. With WY Debt, you don’t have to. As an NCR-accredited company, we adhere to the highest ethical standards and offer expertise you can trust.

Debt Mediation vs Debt Review

Debt mediation is often confused with debt review, but there are some key differences. Debt review is a more formal process that is regulated by the National Credit Regulator (NCR). It involves placing your debt under administration, which means that your creditors cannot take legal action against you to recover your debt. Debt mediation, on the other hand, is a voluntary process that is not regulated by the NCR.

Is debt mediation a good idea for you?

If you’re struggling to keep up with your monthly debt payments, debt mediation could be a good option for you. It can help you:

  • Reduce your monthly debt payments
  • Stop harassment from debt collectors
  • Get a fresh start on your finances

How to Undergo Debt Mediation

If you’re considering debt mediation, here’s how to get started:

Choose a trusted, NCR-accredited debt mediation company

You want professionals who understand the process and have your best interests at heart. WY Debt is an NCR-accredited company with a team of experienced debt mediators ready to support you.

Contact WY Debt for a free consultation.

During this consultation, a WY Debt expert will discuss your financial situation in detail and explain how debt mediation can help.

Provide your financial information.

To create an effective plan, WY Debt will need details about your income, expenses, and debts.

Let WY Debt negotiate with your creditors.

Our debt mediators have established relationships with creditors and the know-how to negotiate the best possible terms for your repayment plan.

Review and sign the debt repayment plan.

Once an agreement is reached, you’ll carefully review the plan to ensure it suits your needs. If you’re happy, you’ll sign it to formalize the process.

Honour your new payment schedule.

Stick to your agreed-upon payments, and you’ll be well on your way to managing your debt successfully.

Request a Debt Mediation call-back

Get your free consultation today and start your journey toward debt relief by requesting a callback.