I’m currently under debt review and paid off about 9 of my creditors. I still have a balance on my bond and a car. Working my budget I can definitely afford paying these two. My question then is; can I withdraw from debt review and will my name be cleared with the flag of being under debt review? Or how long will it take for my name to be cleared off the credit bureaus?
Thank you for your question.
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 achieved once you’ve brought all arrears up to date and are able to satisfy 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 prematurely, without reaching the point of “rehabilitation”, a clearance certificate cannot be issued. Plus, seeing that you no longer would have the protection offered through debt review the credit providers will most certainly start litigation to recover arrears.
Hope this information was helpful.
Have a great day.