How To Cancel Debt Review
For anyone wanting to know how to cancel debt review the good news is that you can withdraw from the process voluntarily at any time.
Whilst you can start the debt review removal process easily, this does not mean that your credit record will be cleared & your financial situation miraculously be improved.
When you’re under debt review and need a loan urgently, you probably know how difficult it is to borrow money so now you just need to know how to get out of debt review.
However do not despair, as once all your creditors have been paid up & your debt counsellor has issued you with the relevant clearance certificate, your credit record will be cleared & your financial state of affairs will improve.
Furthermore, your personal circumstances & financial position has changed since you needed loans for debt review clients.
And after being under the review process, you now want to begin the debt review removal process for the right reasons.
So if this is similar to your situation and you now have more disposable income making it affordable for you to pay all your installments & creditors, you will be in a favourable position to discuss cancelling debt review with your counsellor.
Therefore if your income has improved significantly, your debt counsellor may issue a clearance certificate (in terms of the National Credit Act) & the NCR (National Credit Regulator).
Once your clearance certificate has been issued, you can consider your debt review process to be terminated & the listing on the credit bureau to be removed.
Debt Review Removal – Recap
- You will remain under review until either all your outstanding debt is totally cleared or until your financial situation is of a sufficiently stable & sound position that you will be able to apply to be removed from the debt review process.
- However if you do exit the review process, you will no longer receive any protection with respect to being unable or getting into difficulty with regards to paying off your debt – so it will be unwise to pull out of the process prematurely.
- So after completing the debt review removal process, any references to you having been under debt review should also be removed from your credit record entirely so that your debt history will not be possible to be picked up by anyone.
Lastly, many people under review find they still can’t make ends meet & look to fund their shortfall by incurring additional loans.
If you are still under debt review and need a loan urgently, please beware of unscrupulous lenders who target people who are unable to get loans through the main stream banks & traditional lenders.
Ensure that any loan you sign up for does not have really high interest rates or unrealistic repayment terms, especially if you’re tempted to get debt review loans from less reputable lenders.
Reddit Question on “How to Get Out of Debt Review ” After a Bad Experience with “My Debt Hero”
- Check the stage of your debt review: If My Debt Hero already issued a Form 17.2 (confirming you’re under debt review) and it’s logged with creditors/credit bureaus, you can’t just cancel it yourself. You’ll need to act fast to reverse it before it’s locked in by a court order.
- Prove you’re not over-indebted: Since you say you’re not struggling financially, gather proof—like payslips, bank statements, and creditor payment records—to show you can handle your original payments without debt review.
- Apply to court: You’ll need to file an application with the Magistrate’s Court to have the debt review status removed. The court can overrule the debt counsellor’s decision if you show you’re not over-indebted. This is doable even without My Debt Hero’s cooperation.
- Expect some costs: There’ll be fees for the court application and possibly a debt counsellor or lawyer to help, but it’s worth it to lift those credit restrictions.
- Update credit bureaus: Once the court agrees, your debt counsellor (or a new one) must notify the credit bureaus to remove the debt review flag, freeing up your credit access.
hi, i need to get out of the debt review, it doesn’t help me instead i still i’m lot of debt then before. i can’t get ants-meet. i want out
I want to buy a house but I am in dedt review how can I remove my name? I just got promoted at work
ill like you guys to help me get out of debt review.
Hi Simon, go to the link below for more info on how to get out of debt review…
https://www.loan-lenders.co.za/how-to-get-out-of-debt-review/
Hope this helps
Regards