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Will there be early settlement penalties under debt review?

When you are under debt review and say you win the lotto or run into some money and you want to pay off your debt, there are no penalties for early settlement. It is in fact quite the opposite. The consumer under debt review is eligible for a discount for early settlement just like any other consumer who is not under debt review. The person under debt review needs to call all his / her credit providers and ask for settlement balances for all the accounts under debt review. He/ she will get discounts for settling the accounts in early.

I have discovered that if a debt counsellor calls the credit provider for settlement balances for a consumer on debt review, he/ she does not get large discounts when compared to when the consumer calls and asks the credit provider. Once the balance for all the accounts on debt review is obtained and settled, the consumer must also request for paid-up letters. When the paid-up letters are obtained these must also be forwarded to the debt counsellor so that the consumer’s debt review flag is removed from their profile. The debt counsellor will issue a Form 19 or clearance certificate and inform the credit providers and credit bureaus that the consumer has been removed from debt review.

Contact our highly trained NCR registered debt counsellors for assistance today and see how we can help you live a debt-free life by applying for debt review.

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