If you're nearing the end of your debt counselling process, you should soon be receiving your debt clearance certificate. This certificate or process can sometimes be referred to as a:
*ITC refers to the credit bureau TransUnion which was previously named ITC. A credit bureau can take the debt review flag off your credit profile. However, they do not give you a clearance certificate.
To receive your debt review clearance certificate, you debt must be paid in full.
Is this you? Start your online application for a debt review clearance certificate now!
Before finding out how you can get your debt review clearance certificate, let's tackle what it actually is.
If you have your paid up letters from your creditors, we can remove you from the debt review process for only R1150.
Your debt clearance certificate is a formally recognised document, also known as Form 19 by The National Credit Regulator, that confirms you have successfully completed the debt review (debt counselling) process.
This document must be issued by a registered debt counsellor for it to be valid. ALL of our Debt Counsellors at Meerkat are registered with the National Credit Regulator (NCR).
To be issued with a debt review clearance certificate, you have to meet these requirements:
Interested in finding out how you can leave your debt review process early? Read this blog post
If you want your name removed from debt review, you must be issued with a debt review clearance certificate.
No. All your creditors will issue a paid-up letter to your Debt Counsellor. Your Debt Counsellor will then use this to produce a clearance certificate. Under section 21 of The National Credit Amendment Act, Debt Counsellors then submit a certified copy of this clearance certificate to all the Credit Bureaus.
Credit Bureaus will then remove the debt counselling flag from your account to indicate that you've successfully completed the debt counselling process.
The three main Credit Bureaus in South Africa:
In short, to get issued with a clearance certificate you have to ensure that all your debt is paid up. The only debt that can be outstanding is your home loan. Think you qualify? Start your online application for a clearance certificate now.
At Meerkat, if you have all your paid-up letters from your creditors, you can receive your debt review clearance certificate in just 10 days.
If you have all your paid-up letters, a clearance certificate will cost you R1150 (including VAT) at Meerkat.
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.
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.
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 administration of your clearance certificate and advise your creditors and contact the credit bureaus on your behalf.
SHARE OUR ARTICLE: