Hi there I just wanted to find out I am unemployed and my husband is employed we are married in community of property, so I have two problems:1. My husband is afraid he will lose his job if they find out he is on debt review. 2. We would like to buy a house so how long does it take and can we then qualify after we have been debt reviewed.
Thank you for getting in touch.
Your debt review is treated with the utmost confidentiality, your husband’s employer does not need to know about his debt review.
The duration of your debt review will depend on (1) your type of debt, (2) the outstanding balances and (3) how much you are able to pay the creditors.
Once you have completed your Debt Review you will receive your Clearance Certificate. Once your Clearance Certificate is issued the credit bureaus have 5 working days in which they must expunge from their records any information pertaining to the fact that you were subject to a debt review.
In theory, you should be able to apply for credit again within a week of receiving your clearance certificate. In our experience though, the latter is not true. Credit bureaus take longer than that to get your record cleared. We suggest waiting at least 3 months before applying for new credit.
Pull your credit report about one month after you have been issued with the Clearance Certificate. Check your credit score and payment history. If there are any discrepancies, take it up with the credit bureau.
Also keep in mind that even though your credit score might be good, credit providers might still have a flag indicating your history on their internal systems. They must also remove those records.
Once you have paid off all your debts under Debt Review you are free to borrow credit again and will be allowed to purchase a property if you can afford the credit each month.