Debt Review Statement – How To Make Sure You Get Yours

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How to Ensure You Get Your PDA Statement

It is natural to want to know what is happening with the money that you pay towards your debt each month through debt review. Are your credit providers actually getting the money via the debt counselling process? A regular monthly statement from your Payment Distribution Agent can help keep you informed.

Read More: What is Debt Review?

Read More: What is Debt Counselling?

 

Tracking Your Progress In Debt Review

There are two main goals in entering debt review and getting debt counselling:

First, you want to be able to cover your monthly needs without all your credit providers harassing you for payment.

Secondly, you want to settle all your debts over time, in a reasonable way.

The first goal is often accomplished quickly. The Debt Counsellor will help you make up a budget to cover your needs each month. They will then make proposals (to court) on how to use the remaining money to pay off your credit providers. If you stick to the budget you should manage fine. Your credit providers will also soon begin to leave you alone as they learn of the debt review.

It is in relation to the second goal that getting regular updates about your progress is helpful.

It is in relation to the second goal that getting regular updates about your progress is helpful.

(1) It can help you make sure the process is working.

(2) It can also help you to stay motivated during what is normally a process that will take many months, possibly years.

So, it is natural to want to get a statement which shows what is happening with your debt review payment.

 

Payment Distribution Agents

Most people, who enter debt review, make one global or consolidated debt payment each month to one of four NCR registered Payment Distribution Agents (PDAs). The PDAs then split up that single payment at the right time, in the right amounts, to the right credit providers, to the right accounts, with the right (agreed) reference numbers and retains proof of these payments (in case there are disputes later).

The PDA will follow the month by month plan of the Debt Counsellor and over time the exact amount that has to be paid to each credit provider will change as smaller debts get settled and less and less debts remain. Eventually, consumers will only have one or two debts left and they will swiftly settle those in a few payments.

You can ask your Debt Counsellor for a detailed breakdown of their proposal to settle debts month by month if you wish.

Most people, who enter debt review [use] one of four NCR registered Payment Distribution Agents

A few very brave people try to handle all that themselves and do all those payments and record keeping as well as sending info to the Debt Counsellor each month. Even so, these consumers must make monthly fee payments to Debt Counsellors via a PDA  – unless the National Consumer Tribunal or NCR has allowed that Debt Counsellor to take money directly from a consumer (This hardly, if ever, happens. Not taking money directly from a consumer protects both parties from possible abuse).

 

Your PDA Statement

Each month after the PDA has made the various payments on your behalf they will provide you with a summary statement of the money they paid. They will send you this information via either a message to your phone (old school and only if you lack internet access) or more commonly via an email.

PDAs may also have a consumer portal where you can log in and draw the information yourself.

To ensure that you get your monthly statement:

    • Make sure that if you change email you notify your Debt Counsellor of your new email address
    • Make sure that if you change email you notify your PDA of your new email address
    • Make sure that if you change telephone numbers you notify your Debt Counsellor of the new number
    • Make sure that if you change telephone numbers you notify your PDA of the new number

If you do not let the Debt Counsellor or your PDA know about changes to your contact info, their computers will send the statement to the old email address or phone number until you update them. Remember, they have thousands of clients and may not notice if your emails bounce back unread.

 

The Differences Between a PDA Statement and a Credit Provider Statement

You may be wondering if there is a difference between the statement you get via your PDA and one from your credit provider. You may have noticed a small difference between a statement you have received from the PDA and one from one of your credit providers.

Why might there be differences and should you worry?

PDA Statements vs Credit Provider Statements

Your PDA statement will show how much has been paid and roughly how much should be left if the credit providers computers capture the payment quickly and have the correct fees and interest rates applied.

Your PDA statement will show you the various different payments made to all your different credit providers.

Your individual credit provider statements will show you only the payments coming in from the PDA and not information about other credit providers. They do not have information about the other credit providers like your PDA does.

‘Don’t Panic!’

It is very important to note that sometimes credit provider’s computers have the wrong fees or interest rates loaded at first. This can mean that the figures you see on their credit provider statement might start to look different from what you see on the PDA statement. Do not panic. Your Debt Counsellor can help.

A human at the credit provider may have to be asked  (by your Debt Counsellor) go in and correct the mistake and adjust it to the agreed rates and fees. This could require a rework or recalculation of the balance by the credit provider. These things normally take a little while but usually gets sorted out with the help of the PDA and the Debt Counsellor within a reasonable period of time.

‘you may also note tiny differences between the PDA statement and a credit provider statement’

Due to slight differences in interest rate calculations, you may also note tiny differences between the PDA statement and a credit provider statement. The PDA computer works out the interest on the day the payment is made and the credit provider works out the interest on the day they allocate that payment to your account. This may be the difference of a few hours or maybe as much as a day or two. Though small, this can create a little difference over several years. Once again, don’t panic! Your Debt Counsellor and the credit provider will deal with this when the time is right.

What To Do If You Have Not Got Your Statement

If you have not been getting your PDA statement then ask yourself: Have i recently changed my email address or phone number? Have i let my PDA and Debt Counsellor know?

Step One: Check your email programs “spam” or “trash” folder in case it has ended up there.

Step Two: Contact your Debt Counsellor and check with them that they have your current contact info on their computers. Many will also be able to check the PDA system at the same time.

Step Three: Contact your PDA and check if they have your current contact info and let them know you have not got your recent statement. They will be happy to send you copies of recent statements.

It is vital that you get your monthly statement from your PDA (and also your credit providers). If you have not got one recently then take steps to ensure that you do. It will help you feel relaxed that the process is working and also help you track your progress through the debt review process.

 

Read More: NCR Registered PDAs

Read More: New PDA Registered