Affordable Distribution
This service includes the creation of a manageable payment plan to your respective creditors after negotiating lower instalment amounts and /or settlements on your behalf.
The primary goal of the Affordable Distribution service is to help consumers achieve financial freedom faster than originally planned. This is done by implementing a savings program that leverages Prescription, the In Duplum Rule, and the identification of excessive interest charges to reduce costs and save the client money.
Affordable Distribution.
- You conveniently pay one amount (discussed and agreed upon by yourself) to Wealthtec monthly and we pay all the Creditors you have selected to be part of the Affordable Distribution process.
- The success of this process is dependent on the partnership between Wealthtec and yourself. You will be required to provide the required documentation promptly to allow us to start the process.
- Your first payment is utilised by Wealthtec to
· Activate your profile
· Prepare and send proposals to your creditors
· Opening of a distribution account – in your name – through which your payments to creditors will be facilitated
In the event of wanting to cancel this agreement, you are to do so in writing. Please note that you shall not be entitled to any refund of amounts which we may have withdrawn while this arrangement was in place.
- Your second payment as well as all future payments will be distributed to your creditors, as agreed upon, on the application.
- It is recommended that you start your journey to Financial Wellness on a clean slate and open another bank account to receive your salary to avoid double deductions should you not be able to stop your debit/stop orders. We can assist with the opening of a new Bank account. PLEASE NOTE that should you have debit orders on your bank account, it is your responsibility to have them stopped and to inform the bank regarding the program you have entered. We can assist in this regard by supplying you with a Bank cancellation letter which will assist in the debit order cancellation process at your Bank.
- Please notify your employer of your new banking details for future salary deposits.
- Should your creditors or their legal representatives contact or harass you, please send them a copy of our correspondence or refer them to our Affordable Distribution Department. Alternatively, obtain their contact details so that our office can contact them on your behalf. Please note that this is an informal program, and you might have already been listed on the Credit Bureau.
- Accruing interest can still be charged by the Credit Provider.
IT MUST BE NOTED THAT DURING THE FIRST 30-90 DAYS YOUR CREDITORS MAY STILL CONTACT YOU – Kindly refer them to Wealthtec.