How to cancel Debt Review the Legal Way
There are important considerations when it comes to the removal of Debt Review from your name.
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How to cancel Debt Review the Legal Way
As experts in the legalities surrounding Debt Review and ITC clearance, our team at Clear Me Now often assist clients who aren’t sure about the correct Debt Review Withdrawal Guidelines. If you choose to cancel Debt Review once the process has already started and your application has been processed, there are many important factors to consider. The National Credit Act has outlined guidelines which need to be complied with at all times.
Debt Review protects consumers who are facing actions by creditors who are not being paid and also gives struggling individuals a better chance at repaying their debts. In certain cases, over-indebted consumers can change their minds about Debt Review or may find their finances suddenly taking a turn for the better, meaning that it is no longer necessary. One of the main considerations to make on how to cancel Debt Review the legal way is how far into the process you are. If you’ve not been granted a repayment plan yet, you should be able to approach the Magistrate Court to prove you are not over-indebted, and it is up to them from there.
The first step is to inform your debt counsellor of your intentions, and it helps to note that a high court may not initiate an order of Debt Review release for you (as the applicant under debt review) that confirms you are no longer over-indebted. You should also know you will not be able to exit the process of Debt Review if you have been determined over-indebted by the Magistrate Court until all your debts and Debt Review fees have been fully paid off. Making sure you understand how to cancel Debt Review the legal way can help you avoid taking unlawful shortcuts that actually aren’t freeing you of your debt at all.
If you’ve received a debt rearrangement order already, you will have to honour it and repay everything it outlines first, and then be issued a clearance certificate – this is how to cancel Debt Review the legal way. Typically, the process of Debt Review takes between 3 and 5 years to complete and afterwards, your debt counsellor should ensure you receive your Debt Clearance Certificate, as long as you successfully repaid all debts.
Take the steps to clear your debts through Debt Review, and remain mindful of how to cancel Debt Review the legal way should you need to exit the process. If you’re having difficulty accessing your clearance certificate or need assistance with ITC removal, you can count on Clear Me Now to get the results you need.
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Once you are granted your Debt Clearance Certificate, you’re able to apply for credit again. Keep in mind that it takes about a month for the credit bureaus to update their records and remove the Debt Review flag from your profile. At the same time, default listings and judgements should also be removed. There will be certain creditors who still require your credit score to improve before lending you money or opening accounts for you. After the Removal of Debt Review, your credit score usually improves within 3 months.
At Clear Me Now, we advise individuals recently out of Debt Review to wait a month before checking their credit report, to see if it’s been updated. If there seem to be delays after a reasonable timeframe, we can follow up with the credit bureaus on your behalf, fast-tracking the Removal of Debt Review. It’s a significant achievement to overcome your debt issues, and with a clear credit report comes the opportunity to apply for housing or vehicle finance and start making a comfortable life for you and your family.
Our team has the industry insight to ensure the Removal of Debt Review from your profile, which gives you more flexibility and freedom in your financial capacity. We can help you get your ITC Clearance Certificate, have negative listings and the Debt Review flag removed from your name, and ensure that you’re perfectly positioned for your credit score to restore itself in good time.
Let our Clear Me Now team clear your name legally, fairly, and without delay. After putting in all the work to overcome your debt problems, you can finally start to enjoy the new life you’ve worked towards. Let’s get started with the successful Removal of Debt Review from your credit profile.