Last Updated on February 6, 2024 by The National Debt Review Center
Seeking to remove debt review from your credit profile? In need of a skilled and credible professional for debt review removal in Gauteng? Your search ends with The National Debt Review Center! Discover why they are the leading experts in debt review removal in Gauteng, and learn about the exceptional services they offer.By The National Debt Review Center
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What is Debt Review Removal
Debt review removal refers to the process of officially clearing your credit record of the debt review status. When someone is under debt review, it means they have sought assistance from a debt counsellor to restructure their debts because they were unable to meet their financial obligations. This status is noted on their credit profile.
However, once a person has successfully paid off their restructured debts or their financial situation has improved to the extent that they can handle their debts without the aid of debt review, they may wish to have the debt review listing removed from their credit record. This process is known as debt review removal.
Debt review removal is important because having a debt review status on your credit profile can impact your ability to access new credit. Lenders are not allowed to grant credit to a consumer listed under debt review in terms of The National Credit Act.
By removing the debt review status, an individual can restore their creditworthiness in the eyes of potential lenders and regain access to the credit market.
How do you Apply for Debt Review Removal in Gauteng?
To apply for debt review removal in Gauteng, complete the free online application for assessment form below. This application for debt review removal form will help us assess your financial situation and eligibility for debt review removal.
How much does it cost to be removed from Debt Review?
The cost of debt review removal through The National Debt Review Center is set at R8550.00 vat exclusive, with an option to pay this amount over 2 or 3 months. It’s important to note that debt review removal fees can vary, as they are not regulated in the same way as the debt review fee structure. Some law firms and debt counsellors may charge fees ranging from R4000.00 to R12,000.00 for this service.
How long does it take to be Removed from Debt Review?
The process of being removed from debt review typically takes between 3 to 6 months, although this duration can extend if there are complications and delays. The process includes preparing and submitting a court application, which cannot realistically be completed in less than 1-2 months. After the court order is obtained, the NCR will require to verify the court documents which usually take 7-14 days and the credit bureaus will need a minimum of 21 business days to update the consumer’s credit report to reflect that they are no longer under debt review, as per the National Credit Act 34 of 2005
The Debt Review Removal Process
- Completing the Online Application Form: The client initiates the process by either booking an appointment or completing an online application form. The application form can either be filled out online or downloaded and submitted after completion.
- Assessment of the Application: After receiving the application, it is thoroughly assessed to determine the likelihood of a successful debt review removal. This involves reviewing the client’s current financial status, debt review history and other contributing factors.
- Preparation of Legal Pack and Documentation Gathering: Once the application is deemed potentially successful, a legal pack is prepared. This involves gathering all necessary documentation from relevant stakeholders, which may include previous debt counsellors, credit providers, client and other legal entities.
- Submission to Court: The complete application/legal pack, is then submitted to a court. The purpose is to obtain a court order declaring that the client is no longer over-indebted.
- Court Order Granting: If the court finds the application valid and the client meets all criteria, it grants an order stating the client is no longer over-indebted or rejection thereof of the previous application.
- Submission to the National Credit Regulator (NCR): Once the court order is granted, the documentation is submitted to the NCR for updates and verification.
- Update by NCR and Notification to Credit Bureaus: After the NCR updates their records to reflect the client’s new status, we notify all credit bureaus of the change.
- Confirmation of Credit Record Update: The client’s credit record is updated by the credit bureaus to remove the debt review status, thus restoring their creditworthiness.
- Final Step – Regaining Creditworthiness: With the removal of the debt review status from their credit report, the client is able to regain creditworthiness, facilitating access to credit and financial services without the constraints of the debt review status.