09 Oct Debt Review Exit: Legal Steps to Remove Flag

Have you overcome your debts through debt review, but still see the debt review flag lingering on your credit report? This can be a frustrating issue, but it is easily resolved with help from our legal team. When it comes to debt review exit and the legal steps to remove the flag from your name, it helps to work with experts who have a good track record.

Following the right process is the most straightforward way to clear your name, and the National Credit Act (NCA) is on your side with clear guidelines to help you do so. The legal steps to remove the debt review flag depend on your situation. Debt review removal is incredibly freeing and gives you back control over your finances and your life.

Check That You Qualify To Exit

Wondering how to exit debt review and restore credit? Start by making sure you legally qualify to exit debt review. These are the only factors that mean the flag can be removed:

• All your short-term debts are paid off in full
• You are keeping up with your bond and long-term loan payments
• You can prove you are financially stable enough to handle credit properly

If you are still in the early stages of debt review and haven’t been issued a Form 17.2, it should be relatively easy to withdraw from debt review, as you have not formally been declared over-indebted. Don’t worry about how to achieve credit clearance – with our assistance, you’re on track to enjoying a clean credit profile.

Debt Review Flag Removal

Traditionally, you would only exit debt review once you have overcome your debts through the process, which normally takes between 3 and 5 years. At this point, your debt counsellor should issue a debt clearance certificate to you and the credit bureaus, which prompts the removal of the debt review flag from your profile.

If the flag is not being removed once you have been issued your clearance certificate, or if it shows up on your credit report incorrectly, you have the right to dispute it. To initiate this, write a credit clearance letter to the bureaus, describing your case and appealing for the correct updates to be made. You should also submit the appropriate documents with this letter, like evidence, your ID, and proof of residence. Don’t worry – we will work with you to ensure it is correctly submitted.

Our Cape Town Legal Consultants team can guide you through the debt review exit process, represent your case, and escalate matters for better responses and quicker results. We know how to legally remove debt review from your record, allowing you to move ahead with your life. CONTACT US to get started!