Since many people are flagged as being under debt review in South Africa, there are many opportunists and scammers claiming that they can terminate the debt review process on your behalf. Consumers should be very wary of this.
The only way you can exit the debt review process is if you have paid up all your debt. Anyone or company claiming they can help you leave the process before this, should be seen as a red flag.
To cancel the debt review process, you need to be issued with a clearance certificate. This can only happen once you've paid up all your debt.
Can a lawyer remove me from debt review?
Beware of lawyers charging exorbitant fees claiming they can remove you from the debt review process. Only a registered Debt Counsellor can lift the National Credit Regulator (NCR) debt review flag.
How do I get a court order to remove debt review?
What's important to note is that if a judgement has been granted, you can’t reverse that. If, however, no judgement has been granted, you can get a court order declaring you are no longer over-indebted.
For this to happen, you have to prove that your financial circumstances have drastically changed. Usually as a result of a new job etc.
Another quicker way, if you have paid up all your debt, is to get the debt review flag removed by our team at Meerkat. We have already successfully cleared thousands of South Africans.
How much does it cost to remove debt review?
If you have all your paid-up letters from creditors, it will cost you R1150 including VAT to be removed from debt review. If you don’t have all your paid-up letters, we can still help you. It will just cost you more because we have to retrieve those paid-up letters.
Is debt review removal legal in South Africa?
It is legal if a registered Debt Counsellor does it on your behalf. The only person who can remove the debt review flag is a registered Debt Counsellor.
We are legally able to contact credit bureaus to update your credit report and let them know you are no longer under debt review and that your debt has been paid up in full.
How do I get out of debt review without paying?
There is no way to get out of debt review without paying. Free debt review removal does not exist. Be wary of anyone promising they can do this.
How many years does it take to be removed from debt review?
If you have entered the debt review process, the time taken to be removed from the process depends on your restructured repayment plan. If you are able to, you can increase the amount you pay each month and this can reduce the time spent in debt review.
It’s very important to note that you can only be removed from debt review if you:
- Settled all your debt excluding your home loan.
- You have paid all your debts and the debts that have not been paid, have been prescribed.
*Prescribed debt is 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 been prescribed, you are no longer liable for that debt.
How long does it take to remove the debt review flag?
How does the debt review removal process work with Meerkat?
You can remove the debt review flag from your credit report with Meerkat completely online, saving you time and money! In just 6 easy steps you can be on your way to applying for credit again!
The debt review removal process explained:
- Apply online using our easy application process. Here you will just need your ID number and to answer 3 basic security questions.
- If you have any paid-up letters, this is the time to upload them.
*note you will be charged an extra fee if you require us to obtain your paid-up letters from creditors.
3. Pay R1150 (including VAT) fee.
*Please note that you will be charged extra, as was mentioned earlier in the blog post, if you do not have your paid-up letters.
4. At this stage, your credit record will be retrieved.
5. Your credit providers and the credit bureaus will be contacted to update your credit profile to remove the debt review flag from your credit report.
If any creditors need to be contacted for a paid-up letter, we will do so during this stage of the process. We will also contact the credit bureaus and give them a copy of your clearance certificate to indicate you have successfully completed the debt review process.
6. Your debt review clearance certificate will be issued and you are now free to start applying for credit again.
