Debt review removal involves a process whereby the debt counsellor issues a clearance certificate to a consumer who has finished paying off their debt that was listed as under debt review. Listen closely, according to the debt reviwe guildelines, this is one of the instances that qualifies one to be removed from debt review.
The issuing of a clearance certificate in this instance, signals the end of a successful debt review process. In terms of the National Credit Act, a debt counsellor must issue the clearance certificate. Here is the deal , only a registered debt counsellor has access to the National Credit Regulator (NCR Debt Help System) and can do this. The NCR Debt Help System is linked to credit bureaus.
Have you finished paying off your debt and want to be removed from debt review completely but cannot locate the debt counsellor that placed you under debt review?
Before you approach anyone for debt review removal, there are really important things you need to know. In terms of debt review guidelines, debt review removal can be done on the basis of the following instances:
- If a consumer has withdrawn from debt review prior the issuance of Form 17.2 (before being declared over indebted).
- When the consumer has settled all debt obligations and a clearance certificate has been issued (Section 71 (2) (b) (i) of the National Credit Act, 2005) (Note that this should not be costly or expensive as it is a very easy process and an attorney is not involved as there is no court process involved.
- If one has been under debt review and their circumstances have changed i.e when their income has increased considerably and they are no longer over indebted. The consumer through the debt counsellor have to prove through an income and expenditure i.e. household budget. Note that this is only possible if the consumer does not have a court order in place.
- It is important to note that if there is a court order under debt review in place, it is no longer possible to approach the courts to rescind the order because the law has changed this. On the 03 September 2019, the Johannesburg High Court delivered a judgment which change the law and in this instance it is no longer possible for one to exit debt review.
At Debt Sage we are assisting consumers with debt review removal. You can approach Debt Sage to get help for debt review removal and you are issued with a clearance certificate and the debt review flag is removed/ lifted from the credit bureaus.
As part of the debt review removal process, we would need paid up letters for all the accounts that were under debt review. Please note that if we do not send paid up letters to credit bureaus together with the clearance certificate, they will not remove your debt review status on their records.
Contact Debt Sage, the debt review experts today if you have finished paying off your debt and want debt review removal.
Furthermore, If you feel uncertain about your information with credit bureaus, we can assist in the following ways:
- obtaining your credit report and helping you study and understand the information listed on your credit report;
- negotiating repayments to settle outstanding debts in order to have the information removed;
- identifying information that qualifies for removal from your credit report, for example, in the event of the debt having prescribed in terms of the Prescription Act 68 of 1969;
- identify information that does not qualify for removal, and advise what can be done to remove this information from your credit reports.