17 Sep How do I cancel my Debt Review?
Debt Review is a highly effective option available to individuals who are over indebted, as a solution to paying back all debt with lower, more manageable monthly instalments. The Debt Review process can take anywhere from 3 to 5 years and sometimes even longer, depending on the debt owed, your affordability and the restructured Debt Repayment Plan. After successfully completing Debt Review, many South African consumers have the financial stability and mindset to pursue a better relationship with money.
For many, the commitment of remaining under Debt Review for such a lengthy period can be a deterrent. For others, total commitment to paying back debts, or a change in finances, renders Debt Review unnecessary. This situation came before the South Gauteng High Court recently where the court of a full bench in the matter of Hermanus Janse Van Vuuren v Neil Roets & Others, Case number 37407/2018 was required to answer the question of whether a consumer, who has been declared over-indebted, can have his debt review set aside. Unfortunately the court has decided that such a consumer cannot have his debt review set aside, either by the High Court order the Magistrates Court, until the consumer has paid up his debt (excluding his bond, which must be brought up to date). It is only then that a Debt Counsellor can grant to the consumer a Clearance Certificate which will clear the name of the consumer from the records of the Credit Bureaux. If the consumer does not have a court order yet and wishes to exit from debt review, then it is possible only then to bring an application to have that consumer declared not over-indebted.
Either way, our Credit Rehab team are well equipped to offer assistance and insight, and can help you to determine whether this decision is right for you.
In cases where you have been successful in achieving complete repayments of all the debt outlined in your Debt Review order, you will be issued a Debt Clearance Certificate, with is the objective for most consumers that undergo this debt management process. A Debt Clearance Certificate, together with a good credit score, will allow you to enter in new credit agreements. This certificate can still be issued to you when you cancel Debt Review, if you have been successful in paying back all debts. At Credit Rehab, our committed team of financial and legal experts work hand in hand with you to ensure an effective outcome that is sanctioned by the National Credit Act.
If you are stopping your Debt Review payments and have not yet received your Debt Clearance Certificate, all previous credit agreements (as well as any related interest rates) will fall back into place, meaning that any reduced monthly payments you enjoyed while undergoing Debt Review will no longer exist. In addition to this, you as the consumer will no longer be protected from asset repossession or similar legal action.
If you are not sure what to do about your Debt Review, get in touch with Credit Rehab today for professional, reliable and result orientated Debt Review or credit clearance solutions.