CLEAR that "UNDER DEBT REVIEW' flag! No need to be flagged with 'under debt review' if you can prove that you are in a better financial position than you were when you applied for debt review to pay your debts without the assistance of debt review. T&C apply
To get a debt review clearance certificate in the absence of your debt counsellor (no longer operating, unreachable or deceased) the transfer process is applicable. This is where the consumer is transferred from previous debt counsellor into our data base.
In an event where the consumer’s debt counsellor is reachable and the consumer wishes to be transferred to us on the basis that they are not satisfied with their current debt counsellors services, the transfer can be put through and approved by the current debt counsellor on the basis that there are no outstanding fees that is due to them.
Should there be no outstanding fees, the current debt counsellor will approve the transfer and issue us with all the documentation needed in order for us to process the clearance certificate.
Once the transfer has been done successfully, the consumer need to provide us with paid up letters from all credit providers that were listed under debt review.
In the event where the previous debt counsellor is not responding to the request to transfer, the transfer will be done automatically via system. The process of clearing the debt review flag is subject to credit providers response and paid up letters provided.
Where there are still outstanding creditors payments but the client is in a better financial position to pay the creditors on their own, the debt review court of order rescission can be applied subject to legal cost applicable and credit providers response.
Where there was no debt review court order however the previous debt counsellor declared the consumer over indebted by means of a 17.2, court declaration order declaring the consumer no longer over committed with debt can be applied for subject to legal fees cost.
To remove the “under debt review” flag under the consumer’s credit profile on the credit bureaus; the consumer need to: Have paid all debts that were listed under debt review. Have paid up letters from all credit providers. Have a clearance certificate from the debt counsellor. Have the DHS (debt Counsellor system) updated. In an event where the DHS system was never updated by the debt counsellor, a transfer and updating of the DHS system process will apply. It takes the credit bureaus 21 working days to update and clear your debt review flag once the DHS has been updated and they have been notified.
If the consumer is paying all active credits and is not defaulting or has settled all debts that were under debt review, received a clearance certificate and the “under debt review” flag is removed from the credit bureaus, future credit application should not be rejected on the basis of you having undergone debt review. If your application is however denied, it would be advisable to draw a copy of your credit report to check that the bureaus have in fact removed the ‘under debt review’ flag from your profile. Should you withdraw from debt review before settling all your debts, that may affect your future credit worthiness, it shows that you are not committed to paying off your debt and that will likely lead to credit providers rejecting your credit applications and impair your credit record negatively. Tips on how to improve your Credit Score is tailored based on the consumer’s current credit report. The excellent credit Score is 705 and it is possible to reach that score and get back to financial wellness.
Complete this assessment to find out if you qualify to apply for a clearance process and/or transfer
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