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How do l clear my name from debt review? How do l get the debt review status removed/ lifted from my credit profile? What is debt review removal? I am glad you asked. 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 National Credit Regulator (NCR) debt review guidelines,  when one has finished paying  off their debt,  is one of the instances that qualifies one to be removed from debt review. We further explain other instances below.

The issuing of a debt review 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 when the consumer has paid off all accounts under debt review. Here is the deal, only a registered debt counsellor can do this because he/she has access to the National Credit Regulator (NCR Debt Help System). The NCR Debt Help System is a databse which lists all the people who have applied for debt review and shows the status of their application and is linked to the 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, what is possible or not. In terms of debt review guidelines, debt review removal or clearing your name from debt review can only be done on the basis of the following instances:

  • If a consumer has withdrawn from debt review prior to the issuance of Form 17.2 (before being declared over-indebted).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 has 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 03 September 2019, the Johannesburg High Court delivered a judgment that changes 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 or to clear your name from 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 in a period of 21 days maximum. Yes that is how long it takes for one's name to be cleared from debt review after they have paid off their accounts and we have issued a clearance certificate. This obviously depends on how credit bureaus are quick to remove the flag after we send certified Form 19 which is the clerance certificate to all credit bureaus with paid up letters attached.

The debt review removal process, we do the the following :

  • Pull up your credit report.
  • Obtain confirmation from credit providers in the form of paid-up/ prescribed letters. (If you have paid-up/ prescribed letter please forward them to us)
  • Update your status on NCR DHS to F2 status.
  • Generate Form 19.
  • Send Form 19 to all the credit providers.
  • Certify Form 19
  • Send certified Form 19 to all credit bureaus with paid up letters attached.

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 or clear your name from debt review.

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 that has 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.

 

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