19 Aug How Much Does It Cost to Remove Debt Review?

If you’re thinking about debt review removal, you may have wondered how much it costs to remove debt review. Truthfully, it depends on whether you’re married in community of property or it’s just you, how complex your case is, whether you need to enlist an attorney and inflation.

Removing debt review is a great investment in your overall financial health. It enables you to recover your credit score and start with a clean credit record with no public record of debt, empowering you to apply for credit, access better rental properties, enjoy lower insurance premiums, and even land better jobs.

Keep reading to discover how much it costs to remove debt review, what’s included in the cost, and why you may need to use an attorney.

Married and under Debt Review?

If you went under debt review married in community of property, as debt review affects your spouse. Your partner probably also lost access to credit and gained a debt review flag on their credit profile to protect the two of you from falling deeper into the debt hole. This adds to the complexity of the case, as we have to prove that the both of you are no longer over-indebted, looking at your income and ability to repay creditors according to what was initially agreed without debt review to get a good credit score.

Because of this, debt review removal for partners married in community of property costs R6 000. If it’s only you that needs debt review removed, it’ll be R5 000.

What’s Included in the Price?

Debt review removal usually includes an attorney as we may have to get a court order to remove you from debt review. This is because they must stand for you in Magistrates court, arguing your case with the provided evidence, like bank statements, paid-up letters, and other things that prove you are capable of repaying your debt. Of course, the case becomes grossly simpler if you’ve come into a sudden amount of money that wipes out all your debt, like an inheritance or a massive raise at work. This can help you get a fresh start.

Credit Clearance and Debt Review Removal

If you’ve finished debt review and have paid back everyone as agreed in your debt review terms, you should ask your debt counsellor for a clearance certificate. Using this certificate, we can help you write a credit clearance letter outlining your new circumstances and proving evidence to support your dispute to remove debt review from your credit report. We’ll submit this to all the major credit bureaux, then wait the 21 days that the credit bureaux have to approve or decline your dispute.

They must assess your dispute within 21 days as required by South African law in the National Credit Act. If they don’t, we’ll help you escalate your case to the credit Ombudsman, who will help you further dispute your case. We can also help you should you pursue litigation against the bureaux.

Essentially, the cost of debt review depends on the complexity of your case, whether you’re married in community of property, and whether you require credit clearance or the assistance of an attorney.

If you need assistance removing debt review, be sure to contact Cape Town Legal Consultants, one of the best debt review companies. We can help you remove debt review or clear your credit efficiently and without the long waiting period.