How do I get out of debt review in South Africa?

How to cancel debt review online?

You can't write a letter to cancel debt review. You can only cancel debt review if you meet the criteria listed below.

If you have paid up all your debt and you want to remove the debt review flag quickly, you can do so with Meerkat's online clearance certificate process. Start your online application now. You can get the debt review flag removed in just 10 days, completely online!

You can only remove debt review if:

It's important to note that not just anyone can be removed from the debt review process. You must have met the following criteria to be removed from debt review:

• To cancel debt review, you must have paid up all your debts, according to the debt restructured plan(debt agreement) that was set-up by your debt counsellor.

OR

• You have settled all your debts, and the debts that have not been ‘settled’ have been prescribed. 

OR

• You have settled all your debts excluding your home loan. 

Want to know more about prescribed debt? Read this blog post

Remove debt review fast with Meerkat online. Registered Debt Counsellor NCRDC 2613.

Read more: What is a debt review clearance certificate?

Watch this video on TikTok with our Founder & CEO of Meerkat, David O'Brien as he chats about debt review removal

To remove the debt review flag from your credit report in South Africa, you must follow these steps:

1. Settle Your Debts 

• Fully Paid Debts: If you've settled all debts under debt review (excluding a home loan), you're eligible for a debt review clearance certificate. This is the most important criteria for removing debt review. 

• Early Exit: To exit debt review before full repayment, you must apply to a court to be declared no longer over-indebted. This is very rare and can only be proved if your circumstances have drastically changed. Be very careful about people claiming they can remove you from the debt review process early. You cannot just voluntarily exit the process. 

2. Obtain a Clearance Certificate (Form 19)

• Issuance: A registered debt counsellor issues you with a Clearance Certificate (Form 19) once all restructured debts are paid. If you've paid up all your debts, Meerkat can do this for you!
  
  

3. Submit the Certificate to Credit Bureaus

• Process: The debt counsellor will then send your clearance certificate to credit bureaus to remove the debt review flag from your credit report. You have now been successfully removed from the debt review process!

How much does it cost to remove debt review online?

It will cost you R1150 to remove debt review online with Meerkat's online debt review removal service. 

You can't remove debt review online for free! There will always be fees involved for debt review removal. Be very careful about people or companies claiming they can remove you from debt review for free. 

You also don't need to get a lawyer to remove you from the debt review process. You just need to meet the criteria for debt review removal and get a registered debt counsellor, like Meerkat, to do so for you. 

How long does it take to remove the debt review flag?

If you were previously declared over-indebted, and because of this, applied for debt review, the duration of the entire process is dependent on how much debt you have. However, it usually is about four-five years. 

Read more: Debt counselling explained

If you have met the criteria mentioned above, all that’s left is for the debt review flag to be removed from your credit report. It can take 10 days to remove the debt review flag if you have all your paid-up letters.

Meerkat can do that for you. Because we are registered with the National Credit Regulator (NCR), we are legally able to issue you with a Debt Review Clearance Certificate and remove you from the debt review process.  

How does debt review removal work at Meerkat?

Here's a step-by-step guide about how to remove your name from debt review:

1. Fill in our easy online application. 
2. If you have your paid up letters from your creditors, you upload them. If you don’t, but have still settled your debt or you have prescribed debt, we can get the necessary paid-up letters for you.
3. Credit record retrieved. At this stage, we will see if you have a debt review flag/warning on your credit report. This will determine whether or not we can assist you. 
4. Once we have determined you do, you will then be requested to pay the application fee. 
5. We make contact with your creditors and the credit bureau to update their records to indicate that your debts have been settled or prescribed. 
6. Your debt review clearance certificate is issued and a copy issued to the credit bureau. After the credit bureaus receive your debt review clearance certificate, your credit profile is updated and the debt review flag removed from your profile. 

You are now free to start applying for credit again!

If you have paid up all your debts and you cannot find your Debt Counsellor, we can get you cleared. Begin your online application now. 

MyMeerkat FSP is an authorised financial services provider (FSP 50979) and registered debt counsellor (NCRDC2613)