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Q: What Is a Form 17.4 or Form 17.W?

A: Alternatively known as the Cancellation Form.

Whether a Debt Review is cancelled voluntarily or involuntarily the National Credit Act (NCA) requires that a Debt Review Cancellation Form is completed.

There are serious considerations to make before cancelling your Debt Review. These include the following:

  • A cancellation fee of 75% of the debt restructuring fee is payable if you have not yet paid your first instalment and your repayment plan has been calculated.
  • The original credit agreement is re-established, and your credit providers are free to proceed to enforce their rights. This could lead to immediate legal action against you.
  • You will not receive your Clearance Certificate that clears your credit record.
  • It will be much harder to apply for Debt Review in the future.