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Voluntary cancellation of debt review

Questions & AnswersCategory: Debt ReviewVoluntary cancellation of debt review
Anonymous asked 3 years ago

Hi,

I have been under debt review for 4 years now and will be paying 4 out of 6 accounts in order to settle these in the next 2 days.

I will then only have my vehicle finance and 1 credit card. If I negotiated with my 2 credit providers and then voluntarily withdrew/cancelled my debt review as I would be in a position to pay more than the current agreed amounts through my DC what would the implications be? Would I still be listed as being under Debt Review if I voluntarily withdrew from DR? Is a clearance certificate the only way to get my name cleared as being under Debt Review?

Also, I have been in touch with DC to obtain the various settlement figures and was informed that they would not be able to help me negotiate settlement figures as that is not something they do. Is this correct? I would assume that the DC should be able to help with the negotiation of settlement figures.

As much as Debt Review has helped me a little over the past 4 years, it has also not helped as I still have 5 years to go before I am debt free. I have a vehicle that no longer works and just stands in my garage, but I cannot afford to buy a new car due to my status of being under Debt Review.

Thanks
S

1 Answers
Matthys Potgieter Staff answered 3 years ago

Hi there,

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.  

I can almost guarantee you that your credit providers will litigate the moment you exit the debt review process. I would advise that you first bring the credit card and vehicle up to date before exiting the debt review process.  

Have a great day.