How can I cancel debt review?

Cancelling debt review in South Africa

If you have ever wondered if you can remove yourself from debt review, you can’t. However, a registered Debt Counsellor can. That is, of course, only if you meet the following requirements. 

You can be removed from debt review if:

• You have paid up all your debts, according to the debt restructured plan(debt agreement) that was set-up by your Debt Counsellor.

OR

• You have settled all your debts, and the debts that have not been ‘settled’ have been prescribed. 

OR

• You have settled all your debts excluding your home loan. 

Want to know more about prescribed debt? Read this blog post

How can you legally exit debt review?

The only way you can terminate debt review is if the debt review flag/ warning is removed from your credit report. For this debt review flag to be removed, credit bureaus need to be issued with a debt review clearance certificate. This clearance certificate indicates that you have successfully completed the debt review (debt counselling) process. 

It’s very important to note that the only individual that can issue a clearance certificate is a registered Debt Counsellor. 

Get cleared now with Meerkat. 

Read more: What is a debt review clearance certificate?

How can I check that my Debt Counsellor is registered?

• Before agreeing to go with a business or a Debt Counsellor that claims they can remove you from the debt review process, check to see that they have registered with the National Credit Regulator (NCR). You can search for this person or business here. If they do not come up, they are not registered, and you should steer clear from them. It could, very likely, be a scam. 
• A quick search reveals that Meerkat, and our Founder & CEO, David O’Brien is registered with the NCR. 

How long does it take to remove debt review?

If you were previously declared over-indebted, and because of this, applied for debt review, the duration of the entire process is dependent on how much debt you have. However, it usually is about four-five years. 

Read more: Debt counselling explained

If you have met the criteria mentioned above, all that’s left is for the debt review flag to be removed from your credit report. Meerkat can do that for you. Because we are registered with the National Credit Regulator (NCR), we are legally able to issue you with a Debt Review Clearance Certificate and remove you from the debt review process.  

Debt review removal scams you should be aware of

• Free debt review removal is not an option. There will always be fees for debt counselling or legal services involved. 
• Consumers should also be wary of lawyers promising debt review removal services. Usually these services may come at very high costs to the consumers. Any debt review removal service that charges you in excess of R5000 is exploitative. 

How does debt review removal work?

You can get cleared in 6 easy steps at Meerkat with a fully online application - here’s how:

1. Fill in an easy online application. 
2. If you have your paid up letters from your creditors, you upload them. If you don’t, but have still settled your debt or you have prescribed debt, we can get the necessary paid up letters for you.
3. Credit record retrieved. At this stage, we will see if you have a debt review flag/warning on your credit report. This will determine whether or not we can assist you. 
4. Once we have determined you do, you will then be requested to pay the application fee. 
5. We make contact with your creditors and the credit bureau to update their records to indicate that your debts have been settled or prescribed. 
6. Your debt review clearance certificate is issued and a copy issued to the credit bureau. After the credit bureaus receive your debt review clearance certificate, your credit report is updated and the debt review flag removed from your profile. 

You are now free to start applying for credit again!

If you have paid up all your debts and you cannot find your Debt Counsellor, we can get you cleared. Begin your online application now.