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FAQs

Will There be Early Settlement Penalties under Debt Review?

When you are under debt review and come into some money, and you want to pay off your debt, there are no penalties for early settlement.

Life on Debt Review

When you are under debt review and come into some money, and you want to pay off your debt, there are no penalties for early settlement. In fact, it's 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.

Once the balances for all the accounts on debt review are obtained and settled, the consumer must also request paid-up letters. When the paid-up letters are obtained, these must 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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