5 answers to common debt review questions

If you’re asking how long does debt review stay on your name, the answer is: 

Debt review stays on your credit record until the legal steps to remove it are done. It doesn’t just disappear after a set number of months.

In South Africa, debt review helps consumers pay back debt through a managed payment plan. 

If you choose this path, credit bureaus add a debt review flag to your credit profile. This tells credit providers that you’re under debt review and shouldn’t be given more credit until the flag is gone.

Got more questions about it? Here are the answers to things a lot of people wonder about debt review.

1. How long does debt review stay on your name?

The debt review duration South Africans experience depends on their payment plan.

Some people finish in a few years. Others take longer. It depends on how much debt they have, what they can pay each month, if they miss payments, and if they can make extra payments.

Your name isn’t cleared just because time has passed.

Your debt review status is cleared once you qualify for, and receive, a debt review clearance certificate.

2. What is a debt review clearance certificate?

A random person can’t just “wipe” debt review from your name.

A debt review clearance certificate is the official document that shows you’ve met the legal rules to leave debt review. This is usually called a Form 19 clearance certificate in SA.

Your debt counsellor issues it when the debts included in your debt review have been paid up or dealt with in line with the law. 

3. What is the debt review removal process?

There are no shortcuts in the debt review removal process. It’s about proof, paperwork, and proper updates.

It usually works like this:

• You finish the payments under your debt review plan.

• Your debt counsellor checks that the accounts have been paid up or dealt with correctly.

• Your debt counsellor issues your Form 19 clearance certificate.

• The certificate is sent to the credit bureaus by your debt counsellor.

• The credit bureaus update your profile and remove the flag.

4. How long do credit bureaus take to update your status?

Once your clearance certificate has been sent, the credit bureau update after debt review shouldn’t take forever.

Many South African debt review sources refer to an update time of around 21 business days after the credit bureaus receive the certificate. Still, check your credit report after a few weeks to make sure the flag has been removed.

5. What if your name is still under debt review?

Ask your debt counsellor for proof that your clearance certificate was issued and sent to the credit bureaus. 

Also keep copies of your paid-up letters, proof of payment, and messages from your debt counsellor.

Then check your credit report. Look for the debt review flag. Also check if the linked accounts have been updated properly.

And if something looks wrong, raise it with the credit bureau that supplied the data for your report. 

Once the flag is deleted from your name, you can apply for credit again. But approval isn’t automatic. Credit providers will still look at your income, expenses, credit profile, and recent payment behaviour.

Rebuild slowly. Pay your current accounts on time, avoid taking on too much credit too soon, and keep checking your report.

Don’t forget to keep proof that your debt review is done

Keep an eye on your credit report with Finance365 so you always know what’s listed against your name.

If your debt review status should be cleared, your report is the best place to confirm it. When it’s cleared, save your debt review clearance certificate somewhere safe.

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