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Cancelling Debt Review

Questions & AnswersCategory: Debt ReviewCancelling Debt Review
Micheal Prinsloo asked 10 months ago

Good Day,

I want to know if it is possible to cancel my debt review. I have paid already 3 months instalments.

 

1 Answers
Carien Kruger Staff answered 10 months ago

Hi there,

Thank you for getting in touch.

Cancelling your debt review is possible. A signed letter with an instruction for us to cancel will be required.

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.

Kind regards