How To Get Out Of Debt Review

How To Cancel Debt Review

For anyone wanting to know how to cancel debt review the good news is that you can withdraw from the process voluntarily at any time.

Whilst you can start the debt review removal process easily, this does not mean that your credit record will be cleared & your financial situation miraculously be improved.

At some stage you were probably under debt review and need a loan urgently, but now you need to know how to get out of debt review.

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.

Furthermore, your personal circumstances & financial position has changed since you needed loans for debt review clients.

And after being under the review process, you now want to begin the debt review removal process for the right reasons.

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 debt review 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) & the NCR (National Credit Regulator).

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.

Debt Review Removal – Recap

• You will remain under 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 removal process, any references to you having been under debt review should also be removed from your credit record entirely so that your debt history will not be possible to be picked up by anyone.

Lastly, many people under review find they still can’t make ends meet & look to fund their shortfall by incurring additional loans.

If you are still under debt review and need a loan urgently, please 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, especially if you’re tempted to get debt review loans from less reputable lenders.