How To Delete A Name In Debt Review

We are quite sure why you are here. Because you want to know how to remove your name from debt review/debt counseling.

Please read the following: I’ll explain what steps you can take to clear your name.

Stage 1 – When can the consumer(you) terminate the debt review process?

Article 71(2)(b)(i) of the National Credit Law stipulates that all debts initially redistributed by consumers must be paid in full before they can withdraw from debt review by issuing settlement certificates.

The effect of this provision is that if the residential loan forms part of the debt review application, consumers still need to continue to accept the debt review during the term of the residential loan after resolving the reallocated short-term debt.

However, after the promulgation of the National Credit Amendment Act(NCAA) under section 71(1), the following changes will be made to this provision:

3 Exit Debt Review Guidelines

A consumer who reschedules debt in accordance with Section D of this chapter must be issued a settlement certificate by the debt adviser within 7 days after the consumer completes the following:.

(a) Perform all obligations under the media credit agreement subject to the local debt readjustment order or agreement in accordance with the local order or deployment; or

(b) Demo:

(aa) a mortgage agreement guaranteeing a credit agreement to purchase or improve real estate; or(bb) express long-term contract

(i) The redeployment of the project concept is debt free; and

Except for the debts described in paragraph(i), all debts under each credit contract included in the readjustment order or contract have been repaid.

Stage 2 – Can the Debt Advisor terminate or cancel the debt review process?

Unfortunately, the answer is no. Because the debt adviser has no legal authority to terminate or cancel the debt review process.

However, there are various ways for consumers to withdraw from debt review.

Once receiving an order from the debt review court, consumers cannot stop or cancel the debt review process, but they can apply to the court to cancel the order, or apply for an order that consumers no longer bear too much debt.

The consumer may only pay the debt information, withdraw or terminate the debt review procedure in accordance with the NCR Debt Information Guide, before the excessive debt is published and Table 17.2 is published under section 86(7) of the Act

Consumers have the right to pay creditors directly. This should not be considered as non cooperation, nor should it be used as a reason for the debt adviser to discontinue debt advisory services.

If you choose to pay creditors directly, remember the following:

The consumer is still responsible for paying all expenses in full according to the time reallocated.

The payment certificate shall not be subject to the debt review without the debt adviser, so it must be sent to the debt adviser every month to record and provide after-sales service.

Consequences of short or delayed payments(e.g. termination risk of credit providers).

The debt consulting fee shall be paid by the debt consultant, including the after-sales service fee, for providing services.

All ex post management fees must be up to date to enable the Debt Advisor to issue settlement certificates. If the debt adviser ceases to provide services, the consumer shall provide the settlement certificate of the credit provider so that the debt adviser can issue the liquidation certificate.

In short, the legal process of debt review is very complex, and consumers should be clearly explained, understood and despised.

We saw on the Internet that many debt review companies cheated most South African consumers and promised them the world, but failed to deliver.

Once you apply for debt review, insist on new rescheduling of payments, and finally remove the debt review mark from your credit documents, you are eligible for credit. However, it is recommended that you work with a debt adviser to develop a sustainable budget before you incur any debt.

We hope this will help. Remember to share, comment and recommend.