Debt Review Cancellation

11/09/2020

11/09/2020

With the repo rate at its lowest, it is the right time to pay and close your accounts and remove the debt review flag.

30/12/2019

WHEN AND HOW A CONSUMER CAN BE DECLARED NO LONGER OVER-INDEBTED?

There are a quite number of reasons that a court may consider to determine if the consumer is indeed no longer over-indebted prior granting a court order.

Below is a summary of reasons that a court of law consider prior granting a court order. Consumers must be aware of these reasons and comply with before taking any action or steps to get assistance to be removed from Debt Review.

1. Salary increment
It often happens that a consumer get a salary increment while under debt review through a promotion at work or by finding a new job that pays them more to an extent that they are left with a massive excessive income after paying all their monthly debt obligations and living expenses.

2. Marriage
It sometimes happens that a consumer under debt review get married and the spouse may assist in repayments of some of the consumer's debt obligations or living expenses which in turn result in less financial burden and enough funds left to pay the original installment without the need for a debt counsellor.

3. Settlement of accounts
A consumer while under debt review may settle some of his or her accounts which may lead to enough money being available after monthly debt repayments and living expenses.

4. Change in Living Expenses
This refers to a situation where a consumer went under debt review due to a hectic financial burden caused by too much financial responsibility, For example payment of children study fees. These type of financial responsibilities do lapse over a period of time; i.e,after the children finish with their studies and find employment which then result to more funds available at your disposal.

5. Arrears
Usually a court will look at the consumer's credit report to check if the consumer is not behind in payments due to creditors. If there are any accounts in arrears it is mostly likely that a court won't grant the order however if the arrears are a result of debt review a court might consider granting the order provided the client circumstances have changed and it is quite clear that they will afford paying their creditors the original installment or the newly arranged installment.

6 Budget
The above mentioned reasons are summarized in a consumer budget that will reflect that the consumer after paying all of his or her monthly expenses ( monthly debt obligations and living expenses) they will be left with enough excessive income to be declared no longer over indebted.

If you are under Debt Review and you want your name to be removed from Debt Review and some of the above reasons apply to your circumstances you may send us an email at [email protected] or simply click the link below to complete the application form and our consultant will contact you ASAP.

We will contact your debt counsellor to acquire the necessary documentation to determine whether you are over-indebted or not.

29/06/2019

WHEN AND HOW A CONSUMER CAN BE DECLARED NO LONGER OVER-INDEBTED?

There are a quite number of reasons that a court may consider to determine if the consumer is indeed no longer over-indebted prior granting a court order.

Below is a summary of reasons that a court of law consider prior granting a court order. Consumers must be aware of these reasons and comply with before taking any action or steps to get assistance to be removed from Debt Review.

1. Salary increment
It often happens that a consumer get a salary increment while under debt review through a promotion at work or by finding a new job that pays them more to an extent that they are left with a massive excessive income after paying all their monthly debt obligations and living expenses.

2. Marriage
It sometimes happens that a consumer under debt review get married and the spouse may assist in repayments of some of the consumer's debt obligations or living expenses which in turn result in less financial burden and enough funds left to pay the original installment without the need for a debt counsellor.

3. Settlement of accounts
A consumer while under debt review may settle some of his or her accounts which may lead to enough money being available after monthly debt repayments and living expenses.

4. Change in Living Expenses
This refers to a situation where a consumer went under debt review due to a hectic financial burden caused by too much financial responsibility, For example payment of children study fees. These type of financial responsibilities do lapse over a period of time; i.e,after the children finish with their studies and find employment which then result to more funds available at your disposal.

5. Arrears
Usually a court will look at the consumer's credit report to check if the consumer is not behind in payments due to creditors. If there are any accounts in arrears it is mostly likely that a court won't grant the order however if the arrears are a result of debt review a court might consider granting the order provided the client circumstances have changed and it is quite clear that they will afford paying their creditors the original installment or the newly arranged installment.

6 Budget
The above mentioned reasons are summarized in a consumer budget that will reflect that the consumer after paying all of his or her monthly expenses ( monthly debt obligations and living expenses) they will be left with enough excessive income to be declared no longer over indebted.

If you are under Debt Review and you want your name to be removed from Debt Review and some of the above reasons apply to your circumstances you may send us an email at [email protected] or simply click the link below to complete the application form and our consultant will contact you ASAP.
https://debtreviewcancellation.co.za/

26/06/2019

HOW LONG DOES IT TAKE TO REMOVE A CONSUMER FROM DEBT REVIEW BY A COURT ORDER?

Debt Review removal is a court process that can take up to three months.

There are various factors that determine the period in which a consumer can be removed from Debt Review.

1. We conduct a quick assessment to determine if the consumer is indeed no longer over indebted based on the information provided to us by the consumer.

2. After we have determined that the consumer is prima facie no longer over-indebted we send a special power of attorney to the consumer to sign so we obtain authority to gather all the required information from the Debt Counsellor.

3. Send the request letter for consumer's documents to the Debt Counsellor. The documents must be provided within 10 business days. If the consumer is already in possession of such documents that could help to speed up the process.

4. We will then assess your financial position with the information we gathered from your Debt Counsellor, credit report then we will compare your income and expenditure.

5. If the assessment was successful and the consumer is indeed no longer over indebted we then commence with legal work and send court documents to be signed and commissioned by the counsumer.

6. We enroll the matter to court to obtain a court date which might be in the next two weeks ( or a month depending on how busy that court is) from the date the matter was enrolled.

7. The attorney appear on behalf of the consumer to get a court order declaring the consumer nolonger over-indebted. The court may issue the order on the same day it granted it (not always sometimes the attorney is given a return date to collect the order) however with High court matters it could take up to two weeks to receive the court order.

8. Upon receiving a court order we then send it over to your Debt counsellor to change your status to F within five business days and that way the Debt Review flag is removed and a consumer can have access to credit once again.

So if you’re no longer over-indebted as a result of debt review, a salary increment, or a promotion, or if your debt review status is adversely affecting your career path or economic freedom click the link below and let us help you get off debt review:
https://debtreviewcancellation.co.za/

06/06/2019

CAN I APPLY FOR MORE CREDIT OR USE MY CREDIT CARDS WHILE UNDER DEBT REVIEW?

When a consumer signs up for Debt Review they immediately get excluded from any credit access for the duration of their debt review process which is normally five years.

In most cases the consumer recovers financially and become no-longer over indebted before the prescribed period of five years, however they still won't have access to credit until the Debt Review process is terminated through a court order which declares the consumer no longer over-indebted.

Only after obtaining a court order declaration for no longer over-indebtedness the consumer can have access to credit again.

Click the link below and let us help you remove Debt Review under your name and have access to credit again.
https://debtreviewcancellation.co.za/

05/06/2019

WHEN CAN A CONSUMER EXIT DEBT REVIEW PROCESS?

National Credit Amendment Act (NCAA) under section 71(1) provides that:

(1) A Consumer whose debts have been re-arranged in terms of Part D of this Chapter must be issued with a Clearance Certificate by a Debt Counsellor within seven days after the Consumer has –

(a) Satisfied all the obligations under every credit agreement that was subject to that debt

re-arrangement order or agreement in accordance with that order or arrangement; or

(b) Demonstrated:

(i) financial ability to satisfy the future obligations in terms of the re-arrangement order or

agreement under-

(aa) a mortgage agreement which secures a credit agreement for the purchase or improvement of

immovable property; or

(bb) any long term agreement as may be prescribed;

(ii) that there are no arrears on the re-arrangement contemplated in subparagraph (i);

and

(iii) that all obligations under every credit agreement included in the re-arrangement order or

agreement other than those contemplated in subparagraph (i), have been settled in full.

Click the link below and apply for debt review removal, our consultants will call as soon as possible.
https://debtreviewcancellation.co.za/

04/06/2019

REASONS FOR NO LONGER OVER-INDEBTEDNESS:

It often happens that a consumer is over-indebted and applies for debt review.

They then later realize that their financial circumstances have changed and they are now able to service their original monthly debt obligations.

If that's the case they would then have a prima facie case for cancelling their debt review.

Debt Review cancellation will consult with the consumer to establish whether there are merits to their case.

Consumers should only consider getting off debt review if they are able to manage payments comfortably again or if they have settled all their debt.

Also if the consumer is left with long term agreement such as a home loan they can consider getting of Debt Review.

It is not required for a consumer to finish paying all their accounts to be declared no longer over-indebted by a court.
The above mentioned reasons are sufficient.

If your are currently stuck under Debt Review and feeling hopeless.
Click the link below and let us help you get removed from Debt Review.
https://debtreviewcancellation.co.za/

03/06/2019

CAN A CONSUMER WITHDRAW OR TERMINATE DEBT REVIEW PROCESS PRIOR TO AND AFTER OBTAINING DEBT REVIEW COURT ORDER?

YES. Consumers can withdraw or terminate the debt review process prior to and after declaration of over-indebtedness as per section 86(7) of the Act.

Click the link below to apply and let us help you remove your name from Debt Review.
https://debtreviewcancellation.co.za/

You may also contact us here 067 1781 470 or send an email to [email protected] and we will get back to you as soon as possible.

22/05/2019

Have your financial circumstances changed and are no longer over-indebted?

Many South African consumers can't have access to any credit due to the Debt Review status.

As Debt Review Cancellation we help consumers remove their Debt Review flag from the credit bureaus so that they can have access to credit again.

Simple click the link below and fill up the Debt Review Cancellation form for a free debt review removal assessment and we will contact you.
https://debtreviewcancellation.co.za/

10/05/2019

Are you currently struggling to remove your name from Debt Review?
Click the link below and apply for Debt Review removal.

https://debtreviewcancellation.co.za/