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Cancelling Debt Review

Questions & AnswersCancelling Debt Review
Bonginkosi asked 2 years ago

Can you guys help me to clearer my name from debt review? Because I already paid the cancellation fee.

1 Answers
Matthys Potgieter Staff answered 2 years ago

Hi there,  

Thank you for your question.  

If you cancel debt review before receiving your clearance certificate you need to consider the following:  

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 you must also keep in mind is that your debt review will be listed on your credit profile until a Form 19 is issued.

This can only happen when;  
1. you have brought arrears up to date and are able to pay original instalments, or
2. if your debt has been settled.  

This has been implemented because there were consumers who misused the process to avoid paying their debts, and who then jumped from one debt counsellor to another.  

If you have brought arrears up to date and are able to pay original instalments, or if your debt has been settled we can provide you with a clearance certificate, this will however cost a small admin fee.  

Kind regards