Declared over Indebted? Feeling overwhelmed by monthly payments and the constant stress of financial burdens? Debt review can be your lifeline!
It offers a structured plan to manage and eliminate your debts, paving the way for a stress-free financial future. But what happens after you complete the program, and how do you get off debt review successfully?
“Debt review doesn’t have to be a slow process. The good news is that it allows for faster debt settlement!“
Many people are unsure of the benefits and wonder if sticking it out is truly worth it. Let VHT Attorneys provide guidance on how to remove debt review, shedding some light on why completing the process is crucial for achieving financial freedom.
Reap the Rewards: A Fresh Financial Start Awaits
Completing debt review isn’t just about getting out of debt; it’s about setting yourself up for long-term financial success. Here’s how:
Credit Rehabilitation: Exiting the debt review status successfully means the flag on your credit report gets removed, allowing you to responsibly access credit in the future. Imagine being able to finally secure a loan for that dream car or home improvement project!
Debt-Free Bliss: Learning how to get off debt review and fulfilling your repayment plan means complete freedom from the burden of debt. No more sleepless nights worrying about bills or the constant pressure from creditors. Imagine the peace of mind and financial security that comes with this!
Clearance Certificate: As a mark of your achievement, your debt counsellor issues a clearance certificate signifying your successful completion of debt review. This valuable document serves as proof to future lenders of your commitment to responsible financial management.
Thinking of Cancelling Debt Review? Consider These Drawbacks
Removing debt review mid-process might seem like a quick escape, but it comes with some serious downsides:
- Original Debts Return: You’ll revert to your original, potentially higher, debt repayments. This could mean a significant jump in your monthly bills, putting a strain on your already stretched finances.
- Penalties Reinstated: Remember those pesky penalties your creditors waived during debt review? They may come back to haunt you, adding an unexpected burden to your repayments.
- Lost Protections: The National Credit Act’s legal safeguards against creditor action disappear upon cancellation. This means creditors can resort to harsher collection methods, like legal action or wage garnishment.
Updated Withdrawal Regulations: Know Your Options
Withdrawing from the debt review process is now more restricted, ensuring you reap the full benefits of the program. Here’s what you need to know:
- Full Repayment (Excluding Home Loans): Only after full repayment (excluding home loans) can you apply to rescind the debt review order or prove you’re no longer over-indebted.
- Before Court Involvement: Withdrawal is only possible before the debt counsellor takes the case to court. If it reaches that stage, completing the program is the best course of action.
- Up-to-Date Bond/Car Payments: If your car and home loan payments are current, you can apply to be declared no longer over-indebted, even if those debts aren’t fully settled. This can be a great option if you’ve made significant progress on other debts.
Early Payoff? We Can Help!
Debt review doesn’t have to be a slow process. The good news is that it allows for faster debt settlement! If you have extra funds, your debt counsellor at VHT Attorneys can negotiate with creditors to put them towards your debt, accelerating your debt-free journey.
The Takeaway: Freedom Awaits!
Completing debt review sets you on the path to financial freedom. It’s a chance to break free from the shackles of debt and build a secure financial future. Don’t let fear or uncertainty hold you back. VHT Attorneys can guide you through the process every step of the way.
Contact us today for a consultation and take the first step towards a brighter financial future!
Marnes Johannes Vorster
Candidate Legal Practitioner
WHO ARE WE AT VHT
VHT Attorneys is a boutique law firm with a large vision. We provide innovative legal solutions with a renowned standard of integrity and confidentiality.
We help our clients:
- Remove Debt Review Status
- Commercial & Corporate Law
- Labour Law
- Dispute Resolution / Litigation
