- Debt Review removals:
You can be removed from the debt review process IF your financial circumstance has improved. It is ideal for the following consumers;
- Consumers under debt review who now earns more income and can afford to pay their normal installments.
- A consumer whose major expenses have reduced and their current income can now afford all their monthly expenses and installments in full. An example may be a consumer who is no longer paying varsity fees after their dependent has graduated.
- Consumers who were erroneously or fraudulently put under debt review without their consent.
- Consumers who have settled most or all of their accounts and wish to be cleared from the debt review process.
The process
- Contact us through any of our channels.
One of our experts will connect with you in your preferred language to do an assessment of your current financial circumstance which will include checking to see if your income can afford both your living expenses and monthly debt repayments. The process for removal may vary with each consumer depending on their specific circumstance. Following this paragraph is a list of circumstances and a summary of how we will approach the process. Irrespective of the circumstance, we will download a free credit report to confirm your debts and we will provide a Power of Attorney for signature.
- If you have settled your debts (with exclusion of Bond/Home Loan), we will contact your creditors to request for paid-up letters and there after issue a Clearance certificate to your creditors and all credit bureaus. It will take about 14 days after issuing the clearance for you to be able to take a new loan or credit agreement.
- Secondly, if you still owe creditors but your financial circumstance has improved, we will request for a recent Payslip or proof of income and Bank statement for those who are employed or self-employed. We will issue a Form and Power of Attorney for signature and once we receive the signed documents, we will make an application for removal on grounds that your financial circumstance has improved and you can now afford your normal instalments. The time frame for completion in this case may vary for each consumer depending on their circumstance. Contact us should you require more information.
- Lastly, if you were put under debt review by error or without your consent, we will make an application to remove you from the process. The removal process in this case will depend on if the debt review process or rearrangement plan that was concluded.