Does it affect their credit report?
When a debt review is removed, the implications for an individual who co-signed on a debt, such as a spouse or family member, can vary depending on the specifics of the debt agreement.
If both parties jointly applied for the debt review, as in a marriage in community of property, the removal of the debt review will apply to both parties. This means that the debt review listing will also be removed from the co-signer’s credit report. The joint application is treated as one entity during the debt review process.
After the debt review listing is removed, the debt that was previously joined for the purposes of the debt review will no longer be joined. Each party will then be responsible for their own individual debt repayments.
In the event of a default on repayments after the removal of the debt review, creditors will take legal action against the defaulting party individually, not jointly. This means that each party is solely responsible for their own debt, and one party’s default will not legally impact the other.
Got More Questions? We have gathered the most frequently asked questions about exiting debt review here.
To terminate the debt review process and to have the debt review notice removed from your credit reports requires that a court application be made for the court to find that you are not over-indebted, even if there is no court order in place for your debt review. Should you wish to terminate the debt review process, please complete the form below and attach all required documents, to allow us to do an assessment of your probable case. We shall then advise further.
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