Debt can feel like deep waters, but debt review is designed to help you stay afloat and find your way back to financial stability. Here’s some helpful information, including steps on how to remove your name from debt review.

The structured financial relief process known as debt review ensures manageable repayments while protecting you from creditors. 

Also known as debt counselling, it’s a legal process under the National Credit Act (NCA) that helps over-indebted consumers restructure their repayments. Essentially, an NCR Registered Debt Counsellor assesses your financial situation, negotiates reduced payments with creditors, and protects you from legal action while you repay your debts. 

If you are in this boat, you are not alone. 

National Debt Counsellors (NDC) indicate that over 10 million South Africans, or 40% of the credit-active population, find themselves burdened by unmanageable debt. They explain the debt review process well, saying it “was created by the government to address this issue and help over-indebted South Africans gain financial freedom in their lives.”

Through the process, you’ll get help restructuring your budget in a way you can stick to while you go through the process of paying off your listed debts. Just one of the benefits is that the NDC will negotiate with creditors on your behalf to negotiate lower interest rates and extend your repayment terms. It’s a real helping hand you can reach for when you need it!! 

At the end of the process, the next step is removing the debt review flag from your name. To do this, here’s what you need to do:

First things first: Pay off all your qualifying debts

You need to clear all the debts included in your debt review, except for your home loan if it’s up to date. This means settling personal loans, credit cards, vehicle finance, and shop accounts. It’s only once these are fully paid that you can start the process of clearing your name.

Then: Get your clearance certificate

Once you’ve settled your debts, your debt counsellor will issue a clearance certificate, also known as a Form 19. This is proof that you’ve met all your obligations under debt review and your name can be removed from the system. 

Remember: Ensure Credit Bureaus update your status

Your Debt Counsellor sends this clearance certificate to the National Credit Regulator (NCR) and the major credit bureaus in South Africa. They will update your credit profile and remove the debt review flag, allowing you to apply for credit again.

Be cautious: Watch out for scams

Avoid companies or individuals who claim they can remove you from debt review for a fee. There are no shortcuts; the only legitimate way out of debt review is by completing the process correctly. Always work directly with your registered Debt Counsellor, who will guide you through each step safely and legally.

A fresh financial start is possible after your journey through debt review.

By following the correct procedures with discipline and determination (and with the right finance and legal professionals at your side), you can regain your financial independence and rebuild your creditworthiness for the future. 

At Finance365, we’re here to help you by ensuring that all your credit information is accurate and easily at hand. 

We understand that getting out of debt review is a huge milestone because you have learned to live on a strict budget, so keep going with this good financial habit. Then start saving, avoid unnecessary debt, and keep making informed financial choices. By following the right steps, you can not only remove the debt review flag from your name but also build a future where you never need it again.

After debt review: Monitor your credit report carefully

Once you’ve received your clearance certificate and your debt review flag is removed, it’s important to regularly check your credit report to ensure that your information is correct and that no incorrect listings appear. 

Finance365 offers unlimited “soft” credit checks, meaning you can monitor your profile without affecting your score. This way, you’ll stay on top of your financial health while working towards future goals.