A: The process of cancelling/withdrawing from Debt Review is a complex one and we will always suggest that you talk to your Debt Counsellor before making the decision. Here is what you need to know about exiting Debt Review before completing the program:
Your Debt Review will stay listed on your credit record until a Clearance Certificate is issued. You can only receive a Clearance Certificate when:
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- All debts are paid in full, or.
- When all short-term credit agreements, including car finance, have been paid up and you are only left with a home loan which is not in arrears in terms of the Debt Counselling Re-Arrangement Order – plus, you must be able to pay your original home loan instalment, or
You can withdraw from Debt Review prior to a Form 17.2 (prior to being declared over-indebted according to the National Credit Act).
But once the Form 17.2 is issued you will need to approach a Court and get them to rescind your over-indebtedness so that you can be declared as NOT over-indebted. Only when your Debt Counsellor receives this Court Order stating that you are no longer over-indebted will they be allowed to remove the Debt Review listing from your name.