You can remove yourself from debt review in South Africa, but only if you've settled all your debt according to the debt repayment plan, or your debt has prescribed. For this to happen, a registered debt counsellor must issue a clearance certificate to remove you from debt review. At Meerkat, we have registered debt counsellors who can legally remove you from the debt review process quickly, for only R3000. *Ts & Cs apply.
How to Get Out of Debt Review Online in South Africa
To get out of debt review online, follow these important steps.
1. Pay Off All Your Debts
Before you can get out of debt review, you must have settled all your debt as listed under the process. This excludes accounts like your bond (home loan), provided these were not in arrears when you entered debt review.
The only other way is for a lawyer to prove that you are no longer over-indebted. This can only happen if your financial situation has drastically changed. The lawyer will need to go to court on your behalf.
2. Obtain a Clearance Certificate
Once your debts are fully paid, your debt counsellor must issue you with a clearance certificate. This document confirms that all obligations under debt review have been settled. It's important to note that only an NCR registered Debt Counsellor is legally able to issue you with a debt review clearance certificate.
3. Notify the Credit Bureaus
After receiving your clearance certificate, your debt counsellor must notify credit bureaus to update your status. The “under debt review” flag will then be removed from your credit profile and you will be free to start applying for credit again!
Meerkat's Debt Review Removal Process explained
You can remove debt review online with Meerkat's easy online process:
- Apply online using our speedy application process.
- Upload your paid-up letter from creditors.
- Pay your R3000 fee if you have your paid-up letters. If you don't have the paid-up letters, we can still assist you. It will just cost you more.
- Credit bureaus and credit providers are contacted and your credit profile is updated.
- Your clearance certificate is issued within 10 days and you're free to apply for credit again!
Watch this interview with Founder and CEO of Meerkat, David O'Brien, for more information about the debt review removal process at Meerkat
Frequently Asked Questions (FAQs) about debt review removal in South Africa
How much does it cost to remove the debt review status in South Africa?
If you have all your paid-up letters from your creditors, it will cost you R3000 at Meerkat to remove the debt review status.
Can the NCR remove you from debt review?
The NCR doesn't remove you from debt review, technically, an NCR-registered debt counsellor removes you. At Meerkat, we have NCR registered debt counsellors.
How can I cancel my debt review status?
You can only cancel your debt review status if you've paid up all your debt according to your debt review repayment plan. If you have, Meerkat can cancel your debt review status for you.
Can I take a break from debt review?
No, you unfortunately can't take a break from debt review. If you miss a debt review payment, you are not maintaining your court order which means creditors may start the legal process for obtaining your debt.
Find out what happens if you stop paying debt review in this blog post.
How do I get out of debt review for free?
Free debt review removal does not exist and debt review cannot just be written off. There will either be lawyers fees or fees of a debt counsellor involved. Do not fall for scams that promise free debt review removal.
Read this blog post about lawyers who remove debt review.
When it comes to debt review removal companies, Meerkat is the best. Not just because we say so, but because our clients do too.
"Wow! great job indeed, the turnaround time was amazing, I did not expect to have received the clearance certificate in less than a month. Excellent work indeed...!!" - Mishack M on Hellopeter.
Look at our other reviews on Hellopeter here.
How long does it take to be cleared from debt review?
The entire process of getting cleared from debt review can be completed online, saving you time and money.
If you’ve completed the debt review process and paid all your debts in full, you can get the debt review flag removed quickly (in just 10 days) with Meerkat.
Can you leave the debt review process early?
No, you can't leave the debt review process early. You can only leave the debt review process if you have paid up all your debt according to the debt review repayment plan.
It's very important to note that once you've applied for debt review, you must complete the process to exit it. In 2022, the National Credit Regulator (NCR) changed its rules. According to the National Credit Act (NCA), a consumer cannot just voluntarily withdraw from the debt review process if a court order has been granted. This rule applies even before you are declared over-indebted.
If you want to be removed from the process you can pay up your debt review faster by speaking to your Debt Counsellor and arranging to increase your monthly payments.
>> Read this blog post to find out what happens if you don't pay debt review.
How to write a cancellation letter for debt review?
There is no cancellation letter you can write for debt review that will cancel the process for you. You need a registered debt counselor to act on your behalf. Once you have entered the debt review process, you can't just simply cancel the debt review process.
Can I get a loan after being removed from debt review?
Yes, you can get a loan after being removed from debt review. We would advise slowly taking on credit again.
Can you be blacklisted while under debt review?
You are not blacklisted when you are under debt review. There is, however, a debt review flag placed on your credit report. This is only there while you are under the debt review process. Once you've successfully completed it, it will be removed.
Who is Meerkat?
MyMeerkat FSP is an authorised financial services provider (FSP 50979). Registered Debt Counsellor NCRDC 2613. We partner with a reputable payment distribution agency - Hyphen PDA. And, we've successfully helped thousands of South Africans legally exit the debt review process! We can help you, too.
TL;DR
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Yes, you can exit debt review but only if all your debts are fully paid up.
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You need a registered debt counsellor to issue a clearance certificate.
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Once you have the certificate, your status must be updated at all credit bureaus.
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Don’t get scammed removal is only legal when your debt is cleared.
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Meerkat can check your status and help with removal if you're eligible.
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