This category explores the process and considerations involved in debt review removal in South Africa. You’ll find information on the eligibility requirements, steps involved, potential challenges, and consequences of leaving debt review. Our goal is to equip you with the knowledge and resources necessary to make informed decisions regarding your debt review journey.
The duration of the debt review flag on your name is contingent on a few factors. The debt review flag remains on your credit profile until you have completed the debt review process or have obtained an order declaring you no longer overindebted. Once a clearance certificate or order is issued, credit bureaus are required Read more
Once you have successfully completed the debt review process, you regain the ability to apply for credit, which includes car finance. However, the ability to buy a car immediately after exiting debt review is not guaranteed and largely depends on your financial circumstances at the time of application. Lenders, including Read more
Yes, once you have successfully been removed from debt review, you regain the ability to apply for credit, including loans. However, it’s important to note that the approval of your loan application is not guaranteed just because you have completed the debt review process. The decision to grant a loan Read more
A credit provider has the right to terminate the debt review process under certain circumstances. One of the primary reasons for termination is if you, as the consumer, fail to meet the agreed-upon terms of the debt review. This could include missing payments or failing to adhere to the repayment Read more
Section 88 (3) of the National Credit Act (NCA), provides that a creditor may not take legal action to enforce a credit agreement if the consumer has already applied for debt review and the application has been accepted and the consumer has been declared over-indebted. This provision only applies while Read more
Can I cancel my Debt Review and continue to pay directly the reduced installment to my creditors? The National Debt Review Center FAQ’s The application to terminate a debt review depends on the consumer’s ability to show he or she is no longer over-indebted. If the consumer cannot afford to increase Read more
How can I get a Clearance Certificate if I cannot locate my debt counsellor, or the debt counsellor got deregistered? The National Debt Review Center FAQ’s The first step is to check the registration status of the debt counsellor HERE or contact the National Credit Regulator on 0860627627 You can also contact Read more
Can I apply for debt review removal if my debt review order was a consent order that was confirmed by the National Consumer Tribunal? The National Debt Review Center FAQ’s Yes – The Tribunal order is similar to the Magistrates Court Order. You can apply for debt review removal if Read more
Yes, it is possible to remove yourself from debt review, but it involves a complex process that requires a good understanding of the legal procedures involved. Removing debt review typically requires professional assistance, especially if it involves legal proceedings or negotiations with creditors. If there are issues with your debt Read more
Contrary to what some might think, the process of removing a debt review does not take years. In fact, if you engage with a professional organization like us, the process is typically much quicker. We, usually complete the debt review removal process within a span of 3 to 6 months. This Read more