If you want to know how to clear your name after debt review, the process is simple.
How do I clear my name after a debt review?
After Debt review and after unsecured debt has been paid in full, your debt counseling professionals will provide you with a clearance certificate showing that the debt has been paid off in accordance with an approved debt repayment plan. They will also issue this clearance certificate to various credit providers and responsible credit agencies. Note that the default history will continue to display for at least two years.
Debt review is a term used to describe the debt restructuring process, and the term is often used interchangeably with debt counseling. Insolvent consumers contact registered debt counselors for
debt counseling. Then, if the application is approved, it will undergo debt assessment and the debt counseling/debt assessment process will begin.
Debt Review is a legal debt management solution available to insolvent South African consumers. For many people, a debt review has proven to be very beneficial, resulting in a clearer future
balance sheet and the ability to make more prudent financial decisions. Debt review experts are well versed in all aspects of debt review and will do everything possible to ensure that our
clients are forgiven of their debt, help you restore your credit.
Poor credit can affect not only you but your family’s life in many ways, making it difficult to maintain your financial independence. The debt review process is ultimately designed to help you, the consumer, pay off all your debts and enjoy a stress–free future. Once you have contacted a debt counsellor, they will take the time to fully understand your current financial situation through an assessment first. Once you know what your budget allows and create a more realistic debt repayment plan, they will negotiate lower monthly payments on your behalf, help you manage your
payments and live more comfortably. make it possible.
What happens after debt review?
The key to clearing your name after a debt investigation is obtaining a clearing certificate that proves you are virtually debt free. Once this proof is received by the credit bureau, the credit bureau
will remove the debt advice flag from your name and profile. The entire process from the credit bureau notifying the credit bureau to the credit bureau updating all records can take up to three
months. new debt. After checking your debt, your credit score will improve significantly, but you’ll still be months away from peaking. However, this will change when your credit score is adjusted.
How can I find out if my name is under debt review or not?
To find out if you are under debt review or not, you have to check your credit report from one of the credit bureaus such as TransUnion or Experian. Simply google “get credit report” and request one from the bureau of your choice. You get one free credit report a year and after that, there is a fee attached. Alternatively, you can approach a debt review company who will assess your credit profile and find out your credit status on your behalf.