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Getting Prescribed Debt Removed from your Credit Record

There are important considerations when it comes to the removal of Debt Review from your name.

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Getting Prescribed Debt Removed from your Credit Record

Understanding what prescribed debt is can give you an advantage when you’re dealing with your outstanding debts that are old and may no longer be relevant. The rule of prescribed debt is relatively straightforward. If you have debt that has not been acknowledged by the credit provider or paid by you in 3 years, it becomes prescribed debt.

There are some instances where the period of time for prescribed debt differs, however, 3 years is standard for general debts like loans, credit cards, and store accounts. Once defined as prescribed debt, it is cancelled and the creditor may not claim payments toward the debt, as long as you do not acknowledge it or make any payments towards it. Many South Africans aren’t aware of the concept of prescribed debt and their rights where this is concerned.

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Clear Me Now can help with getting prescribed debt removed from your credit record.

Amendments made to the National Credit Act in March 2015 declared that it is illegal for creditors or collectors to ask for payments towards these debts. As a rule, debt should be removed from your credit record by the credit provider once it becomes prescribed. Unfortunately, there are many times that this does not happen as it should. There are steps you can take to get prescribed debt removed from your credit record, however, it is advisable to trust a professional company like Clear Me Now to deal with the credit provider and credit bureaus on your behalf.

Getting prescribed debt removed from your credit record begins with making contact with the creditor in question, and then requesting that the debt be removed. If this proves challenging or you are met with resistance, you can call and file a complaint with credit bureaus like Experian or TransUnion. An investigation will be opened against the creditor, and they will be given 20 business days to provide proof that they tried contacting you regarding your debt. If there is no evidence to show, the prescribed debt will need to clear off your credit report.

If you need help getting prescribed debt removed from your credit record, you can count on us for result-driven and efficient assistance. Having a credit report that does not reflect your prescribed debt will benefit you when it comes to approval for future loans. At Clear Me Now, we know how easily consumers can be taken advantage of by unfair creditors, and we operate quickly to keep your financial well-being in check.

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Clear Me Now is a specialized Debt Clearance Service that benefits you. We can navigate the complex legalities around debt removal, from having your Debt Review listing cleared from your account to presenting you with our Debt Clearance Certificate. removal process is completely legal and can be overseen by a registered Debt Counsellor, after a thorough evaluation of your circumstances.

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