How To Cancell Debt Review
For anyone wanting to know how to get out of debt review the good news is that you can withdraw from the process voluntarily at any time.
Whilst you can cancell your debt review, this unfortunately does not mean that your credit record will be cleared & your financial situation will miraculously be improved.
However do not despair as once all your creditors have been paid up & your debt counsellor has issued you with the relevant clearance certificate your credit record will be cleared & your financial state of affairs will improve.
For some people though, their personal circumstances & financial position may have changed since being under the review process and as a result of this they now want to begin cancelling their debt review.
So if this is similar to your situation and you now have more disposable income making it affordable for you to pay all your installments & creditors, you will be in a favourable position to discuss cancelling the debt review process with your counsellor.
Therefore if your income has improved significantly, your debt counsellor may issue a clearance certificate (in terms of the National Credit Act).
Once your clearance certificate has been issued, you can consider your debt review process to be terminated & the listing on the credit bureau to be removed.
Cancelling Debt Review – Recap
- You will remain under debt review until either all your outstanding debt is totally cleared or until your financial situation is of a sufficiently stable & sound position that you will be able to apply to be removed from the debt review process.
- However if you do exit the review process, you will no longer receive any protection with respect to being unable or getting into difficulty with regards to paying off your debt – so it will be unwise to pull out of the process prematurely.
- So after completing the debt review process, any references to you having been under debt review should also be removed from your credit record entirely so that your debt review history will not be possible to be picked up by anyone.
Lastly, many people under debt review find they still can’t make ends meet & look to fund their shortfall by incurring additional loans.
Beware of unscrupulous lenders who target people who are unable to get loans through the main stream banks & traditional lenders. Ensure that any loan you sign up for does not have really high interest rates or unrealistic repayment terms – there are some reputable lenders who will look at giving Loans for people under debt review.