How much does it cost to remove debt review status?
If you have your paid-up letters from creditors, it can cost you as little as R3000 to remove debt review in South Africa. It's very important to note that free debt review removal does not exist. There will always be fees involved. You also can't cancel or just remove your debt without paying. Anyone claiming they can remove your debt review status for free is likely trying to scam you.
If you don't have your paid-up letters, Meerkat can still help you get off debt review. It will just cost you a little more because we will have to get those paid-up letters first. So while you can't remove debt review yourself, a registered debt counsellor can do it for you.
MyMeerkat FSP is an authorised financial services provider (FSP 50979). We've also been voted as one of the top 5 national debt counselling companies in the country!
Can I remove debt review myself?
While you can't remove debt review yourself, at Meerkat, we get a registered debt counsellor to remove the debt review flag from your credit report.
MyMeerkat FSP is an authorised financial services provider (FSP 50979) who is legally able to remove you from the debt review process.
What do you need to be eligible for debt review removal?
To be eligible for debt review removal, you must meet at least one of the following criteria:
- You must have settled all your debt according to your debt review repayment plan.
OR - You must have settled all your debt according to your debt review repayment plan other than your home loan (bond).
OR - You must have settled all your debt and the only debt you have not paid in full has prescribed.
Read this blog post to find out more about prescribed debt.
FAQs about the debt review removal process:
1. How do I get debt deleted from my credit report?
The best way to get debt removed from your credit report is to pay up your debt in full.
The only other way is if you debt has prescribed. Read more about prescribed debt here.
Meerkat can remove the debt review flag from your credit report if you meet this criteria. Let's get you cleared from the debt review process!
2. How long does it take to be removed from debt review?
If you are eligible to be removed from debt review, it can take just 10 days to remove the debt review.
3. How to get a clearance certificate after debt review?
You can get a clearance certificate after debt review from Meerkat, provided you have paid up all your debt.
4. How do I get out of debt review quickly?
The best way to get out of debt review quickly is to increase your monthly debt review instalment. By doing this, you can pay up your debt faster and leave the debt review process quickly.
Read this blog post to find out what happens if you don't pay debt review.
5. Can I get a loan under debt review?
No, you cannot get a loan under debt review. This is only temporary and once you've successfully completed the debt review process, you will not only be able to take out another loan, but you'll be in a better position to do so.
Read about the debt review process here.
6. Can the NCR remove you from the debt review process in South Africa?
The NCR does not remove you from debt review, a NCR registered debt counsellor removes you. Watch this video to learn more.
7.How much does it cost to remove debt?
You can't remove debt, you can only pay it up. One route of paying it up may be to go under debt review where a Debt Counsellor can consolidate all your debts and give you one reduced monthly instalment for all your debt.
Read about the debt review process here.
8. Can a lawyer remove me from the debt review process?
A lawyer can only remove you from debt review if they can prove you are no longer over-indebted. This is rare and usually will involve high paying fees. Very unlikely that you will find a lawyer who will do these services for free. There are always costs involved! For legal, affordable debt review removal, look to Meerkat (a registered financial services provider). Read this blog post to learn more.
9. How do I get my debt cancelled?
You can't just get rid of your debt or simply get it cancelled. You have to pay it in full. Writing a cancellation letter for debt review will not work. You need to pay up all your debt and get a registered debt counsellor to remove you from the process.
10. Can debt review be removed automatically?
After successfully completing the debt review process, your debt review flag should automatically be removed from your credit report. But for this to happen, your debt counsellor has to issue a debt review clearance certificate and notify credit bureaus. This is why it's important to check your credit report after completing the process.
Do you still have the debt review flag on your credit report even though you've completed the process? We can get you cleared. Start your online application for debt review removal now.
11. Is debt review a criminal record?
No, debt review is not a criminal record. Read more about the debt review process here.
12. Are all debts forgiven after 7 years?
Debt is not just automatically 'forgiven' after 7 years. There is strict criteria you have to meet for your debt to prescribe, and for you to no longer be liable for paying that debt. Read this blog post to find out more.
13. Is debt review a judgement?
Debt review is not a judgement. It is a legal process that assists over-indebted South Africans.
Who is Meerkat?
MyMeerkat FSP is an authorised financial services provider (FSP 50979).
We've helped thousands of South Africans successfully remove the debt review flag! Watch our Founder & CEO, David O'Brien, chat about the debt review removal process in South Africa:
TL;DR – Quick Summary
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Cost: Removing debt review costs R3,000 if you have all your paid-up letters. Without them, fees may increase due to the need to obtain these documents.
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Eligibility: You must have settled all debts under review, excluding your home loan, or have debts that have prescribed.
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Process: A registered debt counsellor must handle the removal. They will issue a clearance certificate and update credit bureaus.
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Timeline: Once all requirements are met, the debt review flag can be removed from your credit report within approximately 10 days.
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Scams Alert: Beware of offers claiming "free" debt review removal. Only accredited professionals can legally assist, and there will always be associated costs.