Credit Clearance
How do you clear your credit history after debt review, sequestration, or an administration order? Credit Rehab’s team are experts in credit clearance: the process of submitting evidence that you are no longer indebted.
Oftentimes, individuals are under the impression that, once all their debt has been paid off in full, their credit scores will change automatically. Usually, you’ll have to submit evidence to the bureaux and/or courts that you’re no longer over-indebted.
Credit Clearance After Debt Review
After you’ve completed debt review, you’ll receive a clearance certificate from your debt counsellor. Debt Rehab can help you write a credit clearance letter to the bureau and collect the necessary evidence to dispute the debt review flag on your credit profile.
Once the debt review is expunged from your credit profile, you’ll be able to begin rebuilding your credit score. The process can take as little as 21 days, as this is the maximum period the bureaux have to assess your dispute and reach a verdict. If your dispute is rejected, Credit Rehab can help you resubmit your dispute or appeal to the Credit Ombudsman.
Credit Clearance After Sequestration
Post-sequestration credit clearance is more nuanced. Rehabilitation after sequestration is automatic after 10 years post-sequestration. Usually, you’ll have to wait four years after sequestration to apply for credit clearance, but you can apply sooner if you meet certain conditions.
To apply for debt rehabilitation, you or your attorney must apply to your jurisdiction’s High Court using an affidavit. You’ll be granted a provisional rehabilitation order. Then, the matter is postponed for 30 days. During this period, your creditors have the opportunity to oppose the rehabilitation.
The rehabilitation order officially ends sequestration and allows you to submit proof that you are solvent (able to manage credit and your finances responsibly) to the bureaux. Your rehabilitated status stays on your credit status for five years. Once you’re rehabilitated, you’ll be able to take out credit without your trustee’s permission and act as the director of a business.
Credit Clearance and Administration Orders
If you can prove you’re able to pay your debts as initially agreed because of good cause (such as higher income, your administrator is not making timely payments, or the administrator’s duties are in dispute), you can apply for a rescission order.
Let Credit Rehab help you clear your credit record and become financially free. We can help you write clearance letters, file for rehabilitation orders, or dispute administration orders. Contact Credit Rehab for help from expert attorneys and financial freedom experts.
