03 Apr Stories from People Who Have Completed ITC Clearance
If you’re reading this, you’ve probably heard of ITC clearance: the process of submitting a clearance certificate to respective credit bureaus after Debt Review to clear your credit. This blog reveals stories from people who have completed ITC clearance, and their real, honest experiences. Enjoy!
Story 1
From Reddit:
“I was retrenched 12 years ago, while pregnant. We burned through our savings to pay the hospital bills after our baby was born. We had to buy formula and nappies on our credit cards. As you can imagine, we got into some debt and were unable to pay it back in time.
We went to see a Debt counsellor – she was a lawyer. She took our case to court and requested that we go under Debt management. While we were under Debt management, we were not allowed to open any new accounts or make any more Debt. Our Debt counsellor was able to make arrangements with all our creditors, for monthly instalments that we could afford. As soon as we had extra income like bonuses, or gifts, we paid extra on our debt.
During this time my husband and myself got retrenched another four times, so paying back all our debt, took longer than expected.
The moment we paid up all of our debt, our debt counsellor again took our case to court. She made sure that we were taken off Debt management. After that, we were able to open accounts again and build our credit score. Being under Debt Management does not count against you after you’ve paid up all your debt. Now It is as if it never happened.”
Story 2
“I came out of debt review debt free (A VERY GOOD FEELING) a few months ago. In 2016 I was over in debt, and I decided I need to make a plan. I applied for Debt Review through Debt Rescue and assessments was done, because there is certain qualifying criteria.
After all the assessments and restructuring a court order was granted and I paid a fixed amount until all my debt was cleared. Took a few years (6 to be exact) and it was tough sometimes, but I am really glad I did it because I have my clearance certificate and have no debt… until I bought a new car a few days ago (first one in 10 years) 🙂
A few things I recommend:
- Get a reliable well known debt review company. A friend of mine used some fly by night company which took his money and did not pay any of his creditors for more than 3 months. With a reputable company after you start, they immediately start paying your creditors as per agreed amounts and they get a court order (which takes a month or two) that makes the process legal and protect you and the creditors.
- If you can, do not include your bond, else you will be stuck for a very long time.
- They do not allow any luxuries like DSTV/Netflix etc on your budget, but you can build in some “fat” on your groceries/fuel items to give you a small buffer, but they will not allow excessive amounts either.
Like I said, I went through this voluntarily and just qualified, it was tough at times, but man the feeling of “freedom” being without any debt when you come out of it is amazing!
Good luck!”
These stories are inspirational, right? When other people tell their stories, it gives others a sense of hope– that there is a light at the end of the tunnel, and that getting financial freedom is possible. With discipline and a good lawyer, anything is possible. Feel free to reach out to our team if you need a credit clearance— we’re some of the best of the best.