6 steps to get over the debt review finish line
You’ve made the payments and can finally see the end of debt review. And you’re probably ready to put the whole thing behind you.
There is just one more important part to sort out. Once you finish the steps, your debt counsellor can issue your debt review clearance certificate, called a Form 19.
It’s proof you have reached the end of debt review. It’s also part of getting your debt review status removed from your credit record.
How to get your debt review clearance certificate
The last part of the journey can be broken down into six steps:
1. Check what has been paid off
Ask your debt counsellor to confirm that all the debts you needed to settle have been paid. Don’t assume that making what you think is your last payment means that everything is finished.
2. Get your paid-up letters
You’ll need confirmation from your credit providers that the relevant accounts have been paid. Keep these paid-up letters together with your proof of payments as they’re important documents.
3. Ask your debt counsellor to check your position
Your debt counsellor needs to then check your accounts and confirm whether you meet the criteria for debt review clearance.
4. Get your Form 19
If everything is in order, your debt counsellor can issue your debt review clearance certificate. Keep a copy. This is one piece of paperwork you don’t want to lose.
5. Let your credit record catch up
Your debt counsellor must send the clearance certificate and related documents through so that your debt review status can be updated with the credit bureaus.
They must file the clearance certificate with the credit bureaus in seven days of issuing it.
6. Check that it has all been done
Don’t stop at getting the certificate. Get your credit report and check your debt review status removal has happened and that the information on your report is right.
At this point, keep in mind that debt review clearance doesn’t mean you now have a good credit score.
Once you aren’t under debt review anymore, credit providers can consider you for credit again. But that doesn’t mean you automatically qualify.
A credit provider still looks at things like your income, what you can afford, your current debts and your credit record.
It’s good advice to not rush into new debt. You’ve worked hard to get your finances to this point so give yourself time to keep building from here.
What if the debt review flag is still showing?
If you have your Form 19 but your credit report still says you are under debt review, don’t wait to talk to your debt counsellor.
Ask them to confirm that your clearance certificate and the information that’s needed has all been submitted. If the information on your credit report is still wrong, you can dispute it with the credit bureau.
And then if you cannot get the problem sorted out, you can contact the National Credit Regulator (NCR) for help.
Be careful of promises to clear debt review instantly
There isn’t a magic button that makes an active debt review disappear.
Be very careful if someone promises to remove your debt review flag instantly or guarantees they can clear you, especially if you do not meet the legal requirements yet.
Getting to the end of debt review takes patience and focus. Make sure the last part is done properly so that all your hard work getting your finances back on track pays off.
See what your credit report says now
Once you have your clearance certificate, there’s an easy way to check that everything is right.
Look at your credit report.
It can show you if your debt review flag has been removed, whether your settled accounts have been updated and what your credit score looks like now.
From here, you can keep working on your score as you build up your credit record again.
