CANCEL DEBT REVIEW - FAQ'SCancel debt review FAQ's is a hot topic on many in that opted for this debt relief solution, but it wasn't all they thought it would be.
To start with, most individuals, have the idea that when you decide you're financially stable again, you want to cancel the debt review, but it's not that's simple.
Because of precisely this reason, we saw the need to write a piece on 'Cancel Debt Review FAQ's'. Many people don't understand why the power have been taken from them and are wondering how long they will be incapacitated financially, due to not being able to cancel debt review previously obtained if they've not paid the debt in full.
Here are some frequently asked questions about removing or cancelling debt review. There are a lot of questions about how to remove debt counselling from an individual's records. We hope that this article addresses some of those questions.
Q:
Can debt counselling be cancelled if the debt hasn't been fully paid?
A:
Indeed, if your debt review has been ordered by a court, and the court order is rescinded, or if a motion is made to the court to declare you "not over-indebted,"
Q:
Regardless of settling all my accounts that have been included in the debt review, my credit report still reflects the status of being under debt counselling. How can I remove the debt review status from the credit bureau?
A:
Ask for and submit a clearance certificate from your debt counsellor to the credit bureau. Your credit report will no longer display the debt review status once the credit bureau removes it.
According to the new
National Credit Amendment Act 14 of 2014, which went into effect on March 13, 2015, the clearance certificate can also be provided if there is an outstanding mortgage agreement or any other large credit agreement that has no arrears and is current and all small credit agreements have been paid up.
Q:
I would appreciate your guidance regarding the impact of cancelling a debt review prematurely on my credit record. Additionally, I am curious to know if it is possible to obtain credit financing immediately after cancelling debt review.
A:
When the
debt review process is completed, the
debt review status is removed from your
credit report, increasing your
credit worthiness. Nevertheless, it's important to keep in mind that obtaining financing right away may not be possible. It will still be necessary to work on improving your credit score.
We suggest obtaining your most recent credit reports and carefully reviewing them. It's important to check for any negative information, aside from the debt review status. This is because any negative information can still impact your credit application, even after the debt review status has been removed from your credit report. However, your ability to secure financing once the debt review status is removed depends on the overall condition of your credit report.
Q:
My debt review was a consent order from the National Consumer Tribunal. Can this be put on hold?
A:The
National Credit Act 34 of 2005 empowers the Magistrate's Court to issue a court order confirming the reduced payment arrangements with the consumer, but it also empowers the National Consumer Tribunal to issue a consent order confirming the reduced payment arrangements.
It is important to know that under Section 165 of the National Credit Act, a consent order granted by the National Consumer Tribunal can only be rescinded in the following circumstances:1.
Where the order was sought or granted incorrectly in the absence of a party affected by it.
2.
Where there is an ambiguity in the order or an obvious error or omission, but only to the extent of correcting that ambiguity, error, or omission.
3.
Where the order was made or granted because of a common error among the parties to the proceedings.
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Contact Cure Debt today to assist you with all your financial difficulties and start living again. Disclaimer: This article is for informational purposes only and does not constitute legal advice. Call on Cure Debt rather than relying on the information herein to make any decisions. The information is relevant to the date of publication.
