Rescission of a Debt Review Order

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The Rescission of a Debt Review Order

Debt review is a highly sought after and largely successful Debt Management Solution that is available to struggling South African consumer, overburdened by debt. Although there are numerous benefits to debt review that protect you as the consumer and allow you to pay back outstanding debts through a new Debt Repayment Plan, consumers may wish to cancel the debt review process if their financial situation changes, or if they feel this will be in their best interest.

At Credit Rehab, our team of legal and financial specialists are well equipped to assist you in the legal process of the rescission of your debt review order. A successful debt review order rescission will allow you to clear your name from debt review and start anew with a clean record, or continue to pay back your current creditors without being under the formal debt review process, which makes it impossible for you to apply for new credit. For the rescission of debt review, which translates to the termination or cancellation of your debt review agreement, the court will usually (but not always) need to be approached and convinced that this is a feasible option, both for you and your creditors. Each rescission of a debt review case differs from the next, and with this in mind careful consideration needs to be taken, while Credit Rehab can assist with sound legal and financial advice.

In cases where your debt review was presented as an order of the court, the Magistrate’s Court will then need to be provided with an application to rescind the debt review, which is made all the easier with the assistance of one of our Credit Rehab experts. Our dedicated team will determine the best approach, as well as prepare all the necessary documentation on your behalf, in order to proceed with the recession of your debt review order. Our professional team provide a comprehensive service that is suited to the exact nature of your case, and wherever possible will help to have you declared not over-indebted.

In order for a declaration that you are no longer over-indebted to be official, the Magistrate’s Court will need to grant your rescission order to the debt review court order and declare that you are no longer over-indebted, which involves a re-evaluation of your current finances. The court will then have the power to decide whether you are granted this recession or not. If the court order for the rescission of debt review is granted, the National Credit Regulator (NCR) and all your existing creditors will be notified and your name will be cleared of the debt review status.

As a client seeking to attain the recession of your debt review order, you must either have paid off all your debts in full or be able to honour any existing payment plans by making instalments on time and directly to your various creditors, as is outlined in a renegotiated contract or formal agreement. If you have paid off all the accounts that were stated in your debt review order and are successful in obtaining a rescission of your debt review order, our Credit Rehab team will then issue you with a Debt Clearance Certificate.

Our Credit Rehab team welcomes you to get in touch with us for financial and legal services that can help you with the rescission of your debt review order in South Africa.