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Voluntarily Withdrawal from Debt Review

Questions & AnswersCategory: Debt ReviewVoluntarily Withdrawal from Debt Review
ithabeleng asked 2 years ago

Good morning I went under debt review almost 2 years ago. December this year all my debts would have been paid in full except for my vehicle (it’s not in arrears though).

I want to voluntary withdraw from debt review as I will be able to pay my vehicle according to my original agreement – and my debt review was not made in court. How do I go about it?

Kind regards

1 Answers
Wikus Olivier Staff answered 2 years ago

Hi there, Thank you for your question. 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; you have brought arrears up to date and are able to pay original instalments, or if your debt has been settled. So if you are up to date with your payments and can carry on with your original instalments you will be able to receive your From 19 (also known as your Clearance Certificate). 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