An effective way to clear your credit record in South Africa is to go under debt review at Meerkat.
By going under debt review, you will consistently make payments to your creditors and eventually pay up all your debt which will result in a clear credit record.
What is debt review?
Debt review is a debt relief measure that is regulated by The National Credit Regulator (NCR) and is intended to help people who are considered over-indebted. It works by reducing your monthly debt repayment to one reduced affordable instalment. With Meerkat, you can reduce your monthly debt instalment by up to 50%!
How can debt review achieve a reduced monthly debt instalment?
Our expert Debt Counsellors at Meerkat have years of experience in negotiating with creditors to get reduced interest rates on loans. This process not only helps you manage your debt more effectively, but can also result in significant savings on your capital debt amount.
The benefits of this negotiation process are twofold. Firstly, by securing lower interest rates, your monthly debt repayment will be more affordable, giving you much-needed breathing room in your budget. This means that you can make consistent payments towards your debt without sacrificing other essential expenses.
Secondly, reduced interest rates can lead to substantial savings on your capital debt amount. Over time, the interest savings can add up significantly, allowing you to pay off your debt faster and ultimately become debt-free sooner than expected.
At Meerkat, we understand the financial strain that debt can place on individuals and families. That's why our Debt Counsellors are committed to providing personalized and effective solutions to help you achieve financial freedom. By negotiating reduced interest rates, we aim to alleviate the burden of high debt repayments and empower you to take control of your financial future.
Don't let high interest rates keep you trapped in a cycle of debt. Let our expert Debt Counsellors guide you towards a brighter and more secure financial future.
How do I clear my bad credit history in South Africa?
You can view debt review (debt counselling) as a rehabilitation programme for your finances.
During the time you are under debt review, you won’t be able to access any further credit. This is TEMPORARY. A common myth many people have about the debt review process is that it is a life sentence - it’s not!
After you’ve successfully completed the process, you WILL be removed from debt review and the debt review flag will be removed from your credit report, leaving you free to apply for credit again!
I’ve been under debt review, but I’ve finished paying for my debts
If you’ve paid off all your debt and are eager to have the debt review flag removed from your credit report, Meerkat is here to help. As registered Debt Counsellors, we have the knowledge and expertise to obtain a debt review clearance certificate on your behalf. This certificate serves as proof that you have successfully completed the debt review process and have fulfilled all your financial obligations.
Once we have obtained the debt review clearance certificate, we will promptly send a copy to the credit bureaus in South Africa. These credit bureaus will then update the information on your credit report, effectively wiping it clean of any negative marks or indications of the debt review. This is a crucial step towards restoring your creditworthiness and regaining financial freedom.
How long does bad credit stay on your record in South Africa?
Most negative (bad) credit entries can stay on your credit report for up to 7 seven years!