DEBT REVIEW STATUS REMOVAL

Debt Review status removal

 

Removing a debt review flagging on tic and maintaining a good credit record rating could help you re-enter the credit market and buy a home, vehicle or apply for a loan or credit card.

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Have you been flagged for Debt review or Administration and now you trying to clear your name but you can`t seem to removed the flagged status?

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Are you no longer over-indebted and would like to get your name removed from debt counselling?

Or you could've been flagged under debt review unknowingly or without their consent and have no idea how to get the flag or status removed. 

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At Clear Review we have a dedicated team of well trained consultants to assist consumers with  removing unwanted debt review flagging from the credit bureaus so that their name is cleared and they are free to have access to credit and loans again. 

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Reasons that you may have been flagged could be as follows:  

• You enquired about a consolidation loan through a call centre and they flagged you for debt review without even signing any paperwork.

• You signed but did not pay and then decided to cancel and they still flagged you.​​​

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The process: ​​

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The Debt Counsellor has the statutory power to recommend that the consumer be declared over-indebted, however, the Magistrates Court in terms of Section 85(b), Section 87(1) and/or Section 88(1)(b) of the Act has powers to declare the consumer over-indebted or not over-indebted. If the Debt Counsellor has recommended that the consumer be declared over-indebted and the Form 17.2 has been issued to credit providers, the consumer can approach the Magistrates Court with the relevant jurisdiction to be declared not over-indebted and no longer under debt review. A court application in terms of Section 87(1)(a) of the Act will be made to the Magistrates Court with relevant jurisdiction requesting the Court to reject the debt counselor’s recommendation that the consumer be found over-indebted; and declare the consumer no longer over-indebted. 

 

The application will advise the Court that the consumer had been found over-indebted by the Debt Counsellor and a copy of the Form 17.2 is to be attached as an annexure. The application must advise the relevant Magistrates Court that the consumer is no longer over-indebted and must include the consumer’s financial circumstances at that time in motivation of the aforesaid. The application must further advise the relevant Magistrates Court that the consumer no longer needs to be under debt review.

 

After the Magistrates Court is satisfied with all the reasons the consumer wants to exit Debt Review the order will be granted. A copy of the granted order will then be sent to the National Credit Regulator and all registered Credit Bureau’s to update the consumers Debt Review status.

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