How to Remove Debt Review Status

Debt review, also known as debt counselling, is a process that helps over-indebted individuals manage their debts and regain financial stability. However, once you have settled all your debts or find yourself in a better financial position, you may want to remove the debt review status from your credit profile. Here is a step-by-step guide on how to do it:

Step 1: Settle All Your Debts

Before you can remove your debt review status, you must settle all your debts. This includes all the debts listed in your debt review, not just the ones you were struggling with. Make sure to get a statement from each of your creditors confirming that your debt is paid in full.

Step 2: Obtain a Clearance Certificate

Once all your debts are settled, your debt counsellor will issue a clearance certificate, also known as Form 19. This certificate confirms that you have successfully completed the debt review process and all your debts are paid.

Step 3: Notify the Credit Bureaus

Your debt counsellor will send the clearance certificate to all the major credit bureaus in South Africa. The credit bureaus are legally required to remove the debt review status from your credit profile within five business days after receiving the certificate.

Step 4: Check Your Credit Report

After five business days, request a free credit report from one of the major credit bureaus. Check your credit report to make sure the debt review status has been removed. If it has not been removed, contact your debt counsellor and the credit bureau to rectify the situation.

Important Considerations

  • Do Not Cancel Early: It is crucial not to cancel the debt review process before you have settled all your debts and received a clearance certificate. Cancelling early will not remove the debt review status from your credit profile and will leave you unprotected from legal action by your creditors.
  • Creditors May Not Agree: Even if you have settled all your debts, some creditors may not agree to remove the debt review status from your credit profile. In this case, you may need to approach a court to have the status removed.
  • Legal Fees: If you need to go to court to have your debt review status removed, there may be legal fees involved. Make sure to discuss this with your debt counsellor and get a clear understanding of all the costs involved.
  • Rebuilding Your Credit: Removing the debt review status from your credit profile is just the first step in rebuilding your credit. Make sure to manage your finances responsibly and pay all your bills on time to improve your credit score.

Removing your debt review status is a crucial step towards regaining your financial freedom. Make sure to follow all the steps carefully and consult your debt counsellor if you have any questions or concerns. Remember, it is essential to manage your finances responsibly after completing the debt review process to avoid falling into debt again.

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