I am currently under debt review. We started in 2009 and now 6 years later reduced our creditors from 15 to 5. I am thinking of withdrawing from debt review after negotiating with my current creditors, but have a few questions.
- If I withdraw, will the paid-up creditors have any claim to interest or other fees? I have paid up letters, but these amounts were a lot less than what they would have been without debt review. Example I owed Company X R20 000 that included R15 000 and R5 000 interest. After debt review the amount to pay back became R17 000, which I paid in full. Can Company X now claim R3 000 or is this only for current creditors not paid up?
- There is a new document published by NCR in Feb 2015 that I, as a consumer, cannot just withdraw from debt review. I have to get a court order that overturns the original court order and only then can I withdraw. Is this a long process and is there a fee (I do not see my debt counsellor doing this free of charge as I am taking business away from him).
- What is the result on my credit if I withdraw? I understand that I will not be protected by debt review, but how does this impact on my credit score – I believe the “DEBT REVIEW” listing will disappear but would I be able to apply for credit after withdrawal (I have learnt my lesson and the idea is not too take out loans etc., but I do need to buy a new car soon and would need this financed).Thank you.