18 Aug Want to Finish Debt Review Early? Read This First

Debt review has helped many over-indebted South Africans achieve their financial goals. Often, building healthy credit habits begins with debt relief. Without stability in your budget and a handle on your debts, your credit score suffers, and so do you. As experts in credit clearance, we work with clients on tailored solutions to their personal circumstances. Do you want to finish debt review early? Read this first.

There is no straightforward way to cancel debt review or finish early, even if you do not think it is necessary anymore. The process aims to help you overcome debt while also providing financial relief and protecting you from creditors. If you have too many unmanageable debts, you risk harming your credit score, which is a setback that is best avoided. Here is a step-by-step guide to the debt review process, so that you know what to expect.

How to End Debt Review

Debt review takes anywhere from 3 to 5 years to complete, and during that time, you cannot access any new credit. If you want to finish debt review early, there are only a few viable and legal options worth considering. The options available depend on whether you have already been granted the court order for your debt review application. Here are the differences between Voluntary Surrender and a Court Order Recission. To see if debt review reflects on your credit report, or to check your credit score, make use of our FREE Credit Check.

Voluntary Withdrawal

This is the easier way to cancel debt review; however, you can only choose this option before a court order has been issued. The first step is to let your debt counsellor know, in writing, of your intention to cancel. They are responsible for ensuring you can, in fact, manage your debts on your own. Your debt counsellor can walk you through each stage of voluntary withdrawal from debt review, and the National Credit Regulator (NCR) will confirm if you have withdrawn successfully.

Remember, if you manage to cancel debt review in this way, you are still responsible for your debt obligations. You will be liable for maintaining your debt payments based on the original credit agreements in place, and you cannot benefit from the protection debt review offers. Want to finish debt review early? Read this first and think about what the advantages and disadvantages would be.

Court Order Rescission

This is a much more complex route than voluntary withdrawal. Since there is already a court order in place, your debt counsellor must apply to the court to cancel it. Most of the time, rescission is sought when legal errors led to your initial debt review court order. An alternative reason is that you are no longer-indebted – your salary might have increased significantly, or perhaps you inherited enough money to manage your finances and pay off all debts owed.

If you are still struggling with debt and cannot prove that your financial circumstances have dramatically improved, it is not worth trying to end the process early. Bear in mind, you will need to provide supporting evidence with your court application, and there is still a chance the application may be rejected.

The simplest, most effective way to achieve debt review clearance is to complete the process as outlined in your new debt repayment plan. Maintain monthly payments without error, and enjoy all the benefits of debt review. If you need expert advise or assistance, CONTACT US.