What Is a Debt Review Clearance Certificate?
A clearance certificate is an official document confirming that you have settled all your debts included in the debt review process, except for home loans. It’s a crucial requirement for removing the debt review flag from your credit record.
Once issued, credit bureaus are legally obligated to remove the flag, restore your credit status, and allow you to access credit again if needed.
Have you completed the debt review process, but still have the warning on your credit report? Meerkat can issue you with a debt review clearance certificate!
How Does Debt Review Removal Work?
To remove the debt review flag from your name, you must:
- Pay Off All Debts: Settle all debts included in your debt review plan, except for any outstanding home loan balance.
- Obtain a Clearance Certificate: Your debt counsellor issues this certificate once all debts are paid.
- Submit to Credit Bureaus: The certificate is sent to all major credit bureaus to update your profile.
This may sound complicated, but with Meerkat, it doesn’t have to be!
Why Choose Meerkat for Debt Review Removal?
At Meerkat, we’re committed to making debt review removal stress-free and affordable. Here’s what sets us apart:
1. Affordable Rates
We believe financial freedom shouldn’t come with a hefty price tag. Our clearance certificate services are among the most cost-effective in South Africa.
2. Expert Guidance
Our team of professionals will guide you through the entire process, from assessing your situation to liaising with credit bureaus on your behalf.
3. Fast and Reliable Service
We understand that time is of the essence. Meerkat ensures that your clearance certificate is processed quickly and efficiently.
4. Trusted by Thousands
With years of experience and a proven track record, we’ve helped countless South Africans regain their financial independence.
How much does it cost to remove debt review status?
If you have your paid up letters from your creditors, we can remove you from the debt review process for only R1150 (inc VAT).
⭐Interested in finding out how you can leave your debt review process early? Read this blog post
FAQs
How long does it take to for the clearance certificate?
With Meerkat, if you have all your paid-up letters from your creditors, you can receive your debt review clearance certificate in just 10 days.
How do I know if my name is cleared from debt review?
You can check if your name is cleared from debt review by getting a copy of your credit report. If you are cleared, there should be no flag on your credit report.
Can I buy a car immediately after debt review?
After receiving your clearance certificate or successfully completing the debt review process, you need to give the Credit Bureaus time to update your profile. It's often best to allow for 3-4 months before applying for credit.
What happens after you are cleared from debt review?
If you have been cleared from debt review, you are now free to start applying for credit.
My debt is paid up but I can't get hold of my Debt Counsellor
We have helped many clients who have paid up their debt but are still flagged on the credit bureau as being under debt review, even after they completed the debt review and cannot get cleared. We can help you with your credit record.
This is often because they cannot get hold of their registered Debt Counsellor or their Debt Counsellor is no longer in practice. If you find yourself in this position, complete our simple online application here.
We'd be happy to help with the administration of your clearance certificate, advise your creditors and contact the credit bureaus on your behalf.
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