Debt review removal is process whereby the Debt Counsellor issues a clearance cerificate to a consumer who has finished paying off their debt that was listed as under debt review. The issuing of a clearance certificate signals the end of a successful Debt Review process. In terms of the National Credit Act (NCA), a Debt Counsellor must issue the clearance certificate. Only the 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 databases.
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?
In terms of Debt Review guidelines, debt review removal is 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- If a consumer has withdrawn from debt review prior the issuance of Form 17.2 (before being declared over indebted).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 is not costly or expensive at all 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 a household 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.
At Debt Sage we are assisting consumers with debt review removal especially in cases where a consumer has paid up letters and for some reason they cannot locate the Debt Counsellor that placed them on Debt Review. 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.