Debt Review Withdrawal Guidelines

Debt Review Withdrawal Guidelines

The Debt Review process is intended as a measure of debt relief that is available to over-indebted consumers. This is a legal process governed by the National Credit Regulator (NCR) and when it comes to Debt Review Withdrawal Guidelines, it depends on where in the process you are and what your finances look like. Exiting Debt Review can be challenging, so make sure you know what to expect from the get-go.

If you are in the early phases of the Debt Review process and your financial circumstances improve, it is possible to cancel Debt Review the legal way without too much effort, as long as you follow the correct steps. Once a debt counsellor officially determines that you are over-indebted, but you are yet to be granted a new debt repayment plan (or debt re-arrangement order), you can approach the Magistrate Court to reject the proposal of over-indebtedness, by proving your affordability. If you succeed with this, you will be able to exit.

After you’ve been presented with your debt re-arrangement order, the Debt Review Withdrawal Guidelines do not offer an easy out. Your debt counsellor will not have the power to withdraw debt review once you’ve applied, making voluntary withdrawal complicated. The only way you can remove yourself from Debt Review, according to section 71 of the NCA, is by meeting all the process requirements. You’ll need to settle all debts under the agreement, meet all the statutory requirements, and be presented with a debt clearance certificate by your debt counsellor. If you require a professional debt clearance service, our Clear Me Now team can help!

Debt Clearance Certificate

If you find that you’re able to repay your debts more quickly, you will still be considered under Debt Review and will still need to honour all payments of debt counselling fees. When you request your clearance certificate, you will have to provide paid-up letters from the relevant credit providers. If your credit providers terminate the credit agreements between you and them, you are still under debt review and will need to settle any outstanding amounts in order for the credit bureaus to remove the debt review status from your name.

Having the option to overcome debt issues through Debt Review has helped many South Africans find their feet, financially speaking. The only way to feel empowered when entering Debt Review is to understand the legalities of the process as much as possible. This includes understanding the Debt Review Withdrawal Guidelines.

Debt Review Removal

Clear Me Now can help you with debt review removal and has successfully assisted many individuals who’ve faced delays in receiving their debt review clearance certificates.

Get Cleared Now!!

Contact us to discuss our professional process for removing a Debt Review listing from your account.