NCR debt review removal
If you've paid up all your debt, understanding how to get out of debt review and remove your name from the debt review process in South Africa is crucial.
The first step to remove the debt review status is to check if you are actually in the debt review process.
*Debt removal does not exist. You can't just get rid of debt. Debt can however prescribe which means you would no longer be liable for paying that debt. Read this blog post about prescribed debt.
How to check if you are under debt review?
Download a copy of your credit report to check if you are under the debt review process. You can do this by visiting one of the credit bureaus websites. This is a link for you to use:
If you are under the debt review process, there will be a debt review warning on your credit report.
Have you paid up all your debt under the debt review process, but still have a debt review flag on your credit report? We can get it removed in just 10 days. Start your online application now!
How to Get Out of Debt Review in South Africa
You cannot remove debt review yourself, but you can get a registered Debt Counsellor to do so for you. These are the critical steps for terminating debt review (debt counselling):
1. Pay Off All Your Debts
Before you can exit debt review, you must have settled all your debt as listed under the process. This excludes accounts like your bond or home loan, provided these were not in arrears when you entered debt review.
The only other way is for a lawyer to prove that you are no longer over-indebted. This can only happen if your financial situation has drastically changed. It's also important to note that since 2022 you can't exit the debt review process, even prior to being declared over-indebted. In short, your best shot at getting out of debt review is paying up all your debt.
2. Obtain a Clearance Certificate
Once your debts are fully paid, your debt counsellor must issue you with a clearance certificate. This document confirms that all obligations under debt review have been settled. It's important to note that only an NCR registered Debt Counsellor is legally able to issue you with a debt review clearance certificate.
3. Notify the Credit Bureaus
After receiving your clearance certificate, your debt counsellor must notify credit bureaus to update your status. The “under debt review” flag will then be removed from your credit profile and you will be free to start applying for credit again!
How much does it cost to remove debt review?
If you have all your paid-up letters from your creditors, it will cost you R1150 at Meerkat to remove the debt review status.
How do I get out of debt review for free?
Free debt review removal does not exist and debt review cannot just be written off. There will either be lawyers fees or fees of a debt counsellor involved. Do not fall for scams that promise free debt review removal.
When it comes to debt review removal companies, Meerkat is the best. Not just because we say so, but because our clients do too.
"Wow! great job indeed, the turnaround time was amazing, I did not expect to have received the clearance certificate in less than a month. Excellent work indeed...!!" - Mishack M on Hellopeter.
Look at our other reviews on Hellopeter here.
Meerkat's Debt Review Removal Process
Here's how you clear your name from debt review with our easy online process:
- Apply online using our speedy application process.
- Upload your paid-up letter from creditors.
- Pay your R1150 fee if you have your paid-up letters. If you don't have the paid-up letters, we can still assist you. It will just cost you more.
- Credit bureaus and credit providers are contacted and your credit profile is updated.
- Your clearance certificate is issued within 10 days and you're free to apply for credit again!
Check out this interview with Founder and CEO of Meerkat, David O'Brien, for more information.
How long does it take to remove the debt review flag?
The entire process of getting cleared from debt review can be completed online, saving you time and money.
If you’ve completed the debt review process and paid all your debts in full, you can get the debt review flag removed from your credit report in just 10 days.
Can you leave the debt review process early?
No, you can only leave the debt review process if you have paid up all your debt according to the debt review repayment plan.
It's very important to note that once you've applied for debt review, you must complete the process to exit it. In 2022, the National Credit Regulator (NCR) changed its rules. According to the National Credit Act (NCA), you can no longer choose to leave the debt review process early. This rule applies even before you are declared over-indebted.
If you want to be removed from the process you can pay up your debt review faster by speaking to your Debt Counsellor and arranging to increase your monthly payments.
Who is Meerkat?
MyMeerkat FSP is an authorised financial services provider (FSP 50979). Registered Debt Counsellor NCRDC 2613. We partner with a reputable payment distribution agency - Hyphen PDA. And, we've successfully helped thousands of South Africans legally exit the debt review process! We can help you too.
