Debt review is a lifeline for many South Africans, but what happens when you’re ready to exit the process? Whether you’ve paid off your debts or your circumstances have changed, understanding how to get out of debt review is crucial.
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!
In this blog post, we’ll explain the steps to remove yourself from debt review, explore how much it costs, and show you how Meerkat can help you with easy debt review removal advice and support.
How to Get Out of Debt Review in South Africa
Getting out of debt review involves these critical steps:
1. Pay Off All Your Debts
Before you can exit debt review, you must settle all your outstanding debts listed under the process. This excludes accounts like your bond or home loan, provided these were not in arrears when you entered debt review.
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 can I get out of debt review for free?
Free debt review removal does not exist. 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.
Start your debt review clearance online application >>
Who is Meerkat?
MyMeerkat FSP is an authorised financial services provider (FSP 50979). Registered Debt Counsellor NCRDC 2613. We've successfully helped thousands of South Africans legally exit the debt review process! We can help you too.
