Understanding How to Exit Debt Review Voluntarily

Are you currently undergoing a debt review process and wondering about the options available for exiting the process voluntarily? It's important to be aware of the legal avenues for withdrawing from debt review.

Here's a breakdown of the steps involved in exiting debt review voluntarily:

1. Before Declaration of Over Indebtedness: If you have applied for debt review and the debt counsellor has not yet made a declaration of over indebtedness via Form 17.2(b), you have the option to exit the process at this stage.

2. After Declaration of Over Indebtedness: Even after a declaration of over indebtedness has been made via Form 17.2(b) and no debt review court order has been processed, you still have the opportunity to present additional facts to the court along with your debt counsellor's proposal to potentially reject the initial over-indebtedness proposal.

3. After Debt Review Court Order: Once a debt review court order has been granted, the only legal method to exit debt review is by repaying all your short-term debt, excluding long-term debts.

It's crucial to understand the implications and requirements at each stage of the debt review process. Completing the debt review process and meeting the outlined repayment terms is the best course of action. Upon successfully fulfilling the repayment requirements, you will be issued with a debt clearance certificate, which, along with a healthy credit score, can pave the way for a more prosperous financial future.

Keep in mind that successfully completing the debt review process not only leads to financial security but also instills a sense of accomplishment. It's a confidence booster that can set the stage for a rewarding, debt-free life.

Stay tuned for more expert insights into managing your finances and achieving a debt-free life. If you have any questions or need further clarification on any of these terms, don't hesitate to reach out to us. Our team at Libertine Consultants is dedicated to guiding you towards a more financially secure future.

Remember, taking the necessary steps to complete the debt review process can lead to a brighter financial future. We're here to assist you every step of the way.