Stuck in the quicksand of debt review? Feeling like there’s no escape, no light at the end of the tunnel? It is frustrating.
But what if I told you there’s a way out, a path to clear your name and reclaim your financial freedom?
This guide isn’t about empty promises or magic fixes. It’s a step-by-step roadmap, crafted by experts, to navigate the legal maze and leave debt review behind.
Don’t resign yourself to years of struggle. Scroll down, discover the secrets, and unlock the door to a brighter financial future.
It’s time to stop sinking and start rising. Are you ready?
How Much Does It Cost to Remove Debt Review
The cost of removing oneself from debt review through The National Debt Review Center stands at R8 550 excluding VAT.
This fee provides individuals with the opportunity to regain financial autonomy.
The center offers flexibility by allowing payment of this sum over a span of 2 or 3 months, easing the financial burden on clients seeking to exit debt review.
How to Clear Your Name from Debt Review
Here is a step-by-step guide to clearing your name from debt review:
Step 1: Understand Debt Review
Before taking any action, it’s crucial to comprehend what debt review involves. Debt review, also known as debt counseling, aims to aid individuals overwhelmed by debt. It helps manage repayments through a structured plan, preventing legal action from creditors.
Step 2: Assess Your Current Financial Status
Evaluate your financial situation thoroughly. List all your debts, monthly income, and expenses. This understanding will guide your decisions and planning.
Step 3: Communicate with Your Debt Counsellor
Your debt counsellor is your ally in this process. If you’ve completed repayments or your financial situation has improved significantly, inform them. They’ll assess if you’re eligible to exit debt review.
Step 4: Obtain a Clearance Certificate
After settling all debts under review, your debt counsellor issues a Clearance Certificate (Form 19). This document proves you’ve fulfilled obligations in the review process.
Step 5: Notify Credit Bureaus
Your debt counsellor submits your Clearance Certificate to major credit bureaus. This prompts them to remove the debt review status from your credit profile. Follow up with your counsellor to ensure timely action.
Step 6: Verify Removal of Debt Review Status
Check your credit report to confirm the debt review status removal. You’re entitled to one free report per year from each bureau. Ensure the flag is cleared.
Step 7: Address Any Discrepancies
If your credit report still shows debt review status, contact the bureau to dispute it. Provide a copy of your Clearance Certificate for evidence. They must investigate and correct any errors promptly.
Step 8: Maintain Healthy Financial Habits
Clearing debt review marks a fresh start. Adopt prudent financial practices: create a budget, save regularly, and avoid unnecessary credit or loans.
Step 9: Monitor Your Credit Report Regularly
Even post-clearance, monitor your credit report regularly. This helps manage your credit score and promptly address any issues.
Step 10: Seek Financial Advice if Needed
If uncertain about any steps or need guidance post-debt review, consult financial advisors or counselors. They offer valuable insights to maintain financial stability.