In South Africa, the debt review process offers a lifeline for those struggling with overwhelming debt. However, once you complete this process, removing the debt review flag from your credit profile is crucial for rebuilding your financial future. This is where specialised debt review removal companies like Meerkat come into play. In this blog post, we’ll explore how Meerkat, a leading company in debt review removal, can assist South Africans in clearing their credit records and regaining financial freedom.
What is Debt Review?
Debt review is a legal process that was introduced by the National Credit Act (NCA) and is designed to help individuals who are over-indebted. This is done by restructuring their debt into a single, reduced affordable monthly payment.
A Debt Counsellor first assesses your financial situation and the works with creditors to create a manageable repayment plan by negotiating reduced interest rates on your loans.
Read more about the debt review process in this blog post.
Why Removing the Debt Review Flag is Important
Once you've successfully completed the debt review process, it is essential to remove the debt review flag from your credit report. This flag indicates that you were under debt review, which can affect your your ability to get new credit, such as a home loan or personal loan.
If you are in this position, you need a debt review clearance certificate. A debt review clearance certificate signals to creditors and credit bureaus that you have successfully completed the debt review process and you are now free to apply for credit again!
The only people legally able to issue with this clearance certificate are registered Debt Counsellors.
The Role of Debt Review Removal Companies
Debt removal companies specialise in helping individuals remove the debt review flag from their credit records. These companies assist with navigating the complex debt review removal process, ensuring that your credit report accurately reflects your financial status.
Why Choose Meerkat?
Meerkat is an authorised financial services provider. We are a debt review removal company in Cape Town, South Africa. If you've paid up all your debt and you're still listed under debt review, we can help you get the debt review flag removed.
3 Reasons to choose Meerkat:
- Completely online: Complete the entire debt review removal process completely online!
- Legal way to exit the debt review process: We are able to help you legally exit the debt review process if you have paid up all your debt.
- Fast & Affordable: If you have your paid-up letters, we can get you removed from as little as R1150 in 10 days.
The Debt Review Removal Process with Meerkat
The process of removing the debt review flag involves six easy steps:
- To remove debt review, apply online using our application process.
- Upload your paid-up letters from your creditors.
- Pay your R1150 fee if you have your paid-up letters. If you don't have the paid-up letters we can still help you. There will just be additional fees involved.
- Your credit record is then retrieved.
- Credit bureaus and credit providers are contacted and your credit profile is updated.
- Your debt review clearance certificate is issued and you're free to apply for credit again!
With Meerkat, you do not need to make any court applications and you should be wary of lawyers promising you that they can remove the debt review flag by finding you as not over-indebted.
Watch this video with Founder & CEO of Meerkat, David O'Brien as he discusses this:
For South Africans looking to clear their credit record and move on from debt review, Meerkat offers a legal, fast and affordable solution. With their expertise in managing the debt review removal process and a strong track record of client satisfaction, Meerkat stands out as a top choice for removing the debt review flag and rebuilding your credit profile. If you’ve successfully completed debt review and paid up all your debt, consider reaching out to Meerkat to guide you through the removal process and help you start afresh.
By choosing the right debt review removal company, you can effectively manage the removal work, update your credit report, and pave the way for a brighter financial future.