Whilst undergoing debt counselling you will not be able to take on any further credit to prevent your situation getting worse. But what about after the process, when all your debt is paid off?
The answer is YES.
You are welcome to apply for credit once you have finished debt counselling. For some, the thought of credit can be quite scary as they are afraid to go back into the situation that got them drowning in debts. On the other hand, some people may be looking to purchase a car or even a house now that they have paid off their outstanding debt.
In theory you can apply for credit a week after the Clearance Certificate also known as Form 19 has been issued. It is though advisable to wait a minimum of 3months. When undergoing debt review your credit report is updated to reflect that you are in the process, once completed the clearance certificate is sent to all bureaus to update their records, they may take some time to reflect.
Before you consider taking out any credit after debt review, get a copy of your credit report and check if your profile has been updated. Creditors look at your report as part of their application process. If it is not updated, they find reasons not to extend any credit to you.
You can get a FREE copy of your credit report just by chatting to our Meerkat – Moku! Start chatting today.