20 Jul Clearing your name from Debt Review
Debt Review is a legal Debt Management solution that is available to South African consumers who are over indebted. For many, Debt Review has proven to be very beneficial, resulting in a clear record going forward and the ability to approach financial decisions more cautionatly.
Our team of professionals at Credit Rehab are well versed in all matters of Debt Review and will go above and beyond to ensure that our clients walk away debt free. If you have already undergone Debt Review and are still adversely affected, we are more than capable of assisting you in officially repairing your credit record. Having a bad credit record impacts not only you but also your family’s lives in many ways and can make it difficult to maintain financial independence.
The Debt Review process is ultimately geared towards assisting you as the consumer in paying off all your debts and enjoying a life free of financial burden going forward. Once you have contacted our Credit Rehab team to enlist our Debt Review services, we will first take the time to fully understand your current financial situation through an affordability assessment. Once we know what your budget allows and have restructured a more realistic Debt Repayment Plan, our team of financial experts will, on your behalf, negotiate lowered monthly instalments that will make it possible for you to manage your payments and live more comfortably.
Following Debt Review and once all of your unsecured debt has been fully paid up; one of our Credit Rehab Debt Counselling professionals will provide you with a clearance certificate stating that your debts have been settled in accordance with your approved Debt Repayment Plan. We will also issue this Clearance Certificate to your various credit providers and the relevant credit bureaus. It is important to note that your payment default history for at least two years will still reflect.
The key to clearing your name after Debt Review lies in obtaining a Clearance Certificate, which essentially serves to prove that you are debt free. Once this certificate reaches the credit bureaus, they will then proceed in removing the debt counselling flag from your name and off your profile.
The entire process, from the time it takes for your credit provider to notify the credit bureaus to the time it takes for the credit bureaus to update all their records, could take up to 3 months – during this time, you won’t be able to qualify for new credit. Although your credit score will be much improved after Debt Review, it will still take a few months for it to be the best it can be, however this will change once your credit score has been adjusted.
At Credit Rehab, our services are geared towards attaining the best possible results for our valued clients. Together with our attorney firm, we are able to provide a service that is legal, transparent and reliable. Check in with our Credit Rehab team today for assistance in clearing your name from Debt Review.