South Africans looking to remove their name from debt review cannot do so themselves, but they can get a registered Debt Counsellor to do so. A registered Debt Counsellor can issue you with a clearance certificate to let credit bureaus and creditors know that you have successfully completed the debt review process.
For NCR debt review removal and to ultimately improve your financial situation, you need to meet at least one of the following criteria:
- All your debts have been paid up.
OR
- You have paid all your debts and the debts that have not been paid have prescribed.
*Prescribed debt is old debt that has been written off once the prescription period has ended. A prescription period is usually three years, but this is dependent on the loan-type. If your debt has prescribed, a creditor can no longer request payment from you.
OR
- Your home loan is the only debt that has not been paid in full.
Do you meet this criteria? Start your easy, online application to be removed from the debt review process now:
How much does it cost to remove a debt review in South Africa?
If you meet one of the criteria listed above, Meerkat can help you legally cancel the debt review process. If you have your paid-up letters from your creditors, the cost to remove the debt review status is R1150 (including VAT). If you do not have these paid-up letters from your creditors, there will be a higher cost for your debt review cancellation fee depending on the amount of paid-up letters that will need to be retrieved.
Interested to know what happens if you stop paying debt review? Read this blog post.
The debt review removal process
Here's how you clear your name from debt review
- For debt review cancellation, apply online using our speedy application process.
- Upload your paid-up letters.
- Pay your R1150 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 record retrieved.
- Credit bureaus and credit providers are contacted and your credit profile is updated.
- Your clearance certificate is issued and you're free to apply for credit again!
How can I get out of debt review for free?
It's important to note that free debt review removal does not exist. There will either be lawyers fees or fees of a Debt Counsellor involved. Do not fall for scams that promise free debt review removal.
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 receive the clearance certificate in less than a month. Excellent work indeed...!!" - Mishack M on Hellopeter.
Look at our other reviews on Hellopeter here.
Debt review removal attorneys
The only way an attorney can remove the debt review flag is by proving that a consumer is able to meet their debt obligations and that the consumer is no longer over-indebted. This can only happen in the case of drastic changes to your circumstances. It's also important to note that if there already is a debt review court order in place, a consumer won't be able to be found as no longer being over-indebted.
What is a debt review clearance certificate?
A debt review clearance certificate is a formal document that is issued by your registered Debt Counsellor to both yourself and the credit bureau(s) to let the credit bureaus know that you have successfully completed the debt review process.
Can I leave the debt review process early?
Debt review applicants cannot leave the debt review process early. The National Credit Regulator (NCR) updated their guidelines for debt review removal. A consumer can no longer voluntarily exit the debt review process, even before being declared over-indebted. What this means is that if you’ve applied to the debt review process, only once you have settled all your debts, can you legally exit the debt review process. If you stop paying debt review, creditors can initiate legal action against you.
How long does it take to remove the debt review flag?
The entire process of getting cleared from debt review can be completed online, saving you time and money.
With Meerkat, if you’ve completed the debt review process and paid all your debts in full, you can get the debt review flag removed from your credit report in just 10 days.
Start your debt review clearance online application >>
Read: Why your loan was declined
If you are interested in finding out more about the debt review process and how our expert Debt Counsellors can negotiate with your creditors to reduce the interest rates on your loans and consolidate all your monthly debt repayments into one reduced payment, read this blog post.
Who is Meerkat?
MyMeerkat FSP is an authorised financial services provider (FSP 50979). Registered Debt Counsellor NCRDC 2613. We've successfully helped thousands of South Africans legally exit the debt review process! We can help you too.