I have been under debt review and it ended quite badly with the debt counsellor. They had cancelled the debt review process and now I am paying my 3 creditors directly. There are small amounts owing and I will be done soon. I need to get my name off the credit bureaus with regard to my “UNDER DEBT REVIEW” status. How can I do this?
Thanks for the question.
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 your original instalments according to original contractual terms can be maintained or if your debt is settled.
So if you exit the debt review prematurely, the flag on the credit bureaus cannot be removed. It can only be removed when;
- you have brought arrears up to date and are able to pay original instalments, or
- if your debt has been settled.
If you have achieved (1) or (2) you can contact your debt counsellor and request a Form 19. Also keep in mind that you can approach any debt counsellor for a Form 19 Clearance Certificate. They might charge you for it, because there are some work that they will have to do. In the meantime… be sure to get Paid-Up Letters as you settle your debt. Also, do not forget to ask for a settlement discount from the credit providers. If you tell them you want to settle, but only have X amount available they usually accommodate consumers.
If you need help regarding this you are welcome to send us an email to [email protected]
Hope this information helps.