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Answer for Process of cancelling debt review

Hi there,

Thank you for your question.

Cancellation is simple. A signed letter with an instruction for us to cancel is all it takes. A cancellation fee of 75% of the debt counsellor fee is payable if you have not yet paid your first instalment and we have calculated your payment plan.  

When a debt review is cancelled, the original credit agreement is revived and the creditors are free to proceed to enforce their rights in terms thereof. That is why we urge consumers not to cancel without making prior arrangements with creditors. We often assist them to do so. First reach a written agreement with the creditor about the capitalisation of all payments in arrears and the resumption of the original instalments prior to cancelling your review and losing your protection.  

What one must keep in mind is that debt review not only aims to get you debt free, but also to get you “rehabilitated” into the credit market again. “Rehabilitation” is once you’ve brought all arrears up to date and are able to meet all your credit agreements according to the original contractual rates. This includes the original interest rate, the original instalment amount etc. Or when your debt has been settled. Should you exit the debt review without reaching the point of “rehabilitation”, a clearance certificate cannot be issued.  

I can almost guarantee you that your credit providers will litigate the moment you exit the debt review process. I would advise that you first bring the credit card and vehicle up to date before exiting the debt review process.  

Hope the information was useful.