To clean the slate and set the record straight, we offer credit clearance services.
What Does The South African Law Say About Cancelling Debt Review?
A case that recently went before the South Gauteng High Court, Hermanus Janse Van Vuuren v Neil Roets & Others (case number 37407/2018), required the court to answer the question of whether a consumer who has been declared over-indebted can have their debt review set aside.
After much deliberation, the bench decreed that there are three sets of circumstances in which a consumer can legally withdraw from debt review. These were described as follows:
How & When You Can Exit Debt Review Voluntarily
If you're considering debt review, it's important to know what to expect. Before the debt counsellor declares over-indebtedness via a Form 17.2(b), you have the chance to give additional information to the debt counsellor. This could prevent them from declaring over-indebtedness.
Even if the Form 17.2(b) has already been submitted, and while the debt review court order is still pending, you can still provide more information to the court and your debt counsellor. This can help you challenge the initial over-indebtedness declaration and work towards removing the debt review flag.
So, if you've been through debt review and you're wondering how to exit legally, the only way to do so is by repaying all of your short-term debts, excluding long-term debts. But don't worry, if you've missed payments for three years, your accounts can be written off through prescription. This means that your debt counsellor can issue a clearance certificate, which will remove the debt review flag. So, keep calm and let's work together to get you back on track!
So, there you have it – the legal ways of withdrawing from debt review voluntarily. If you need any clarification on any of these terms, please get in touch with a Libertine Consultants representative.
However, while we have you, we do want to make a point of stating that doing what you need to do to complete the debt review process is always the best course of action. Once you get to the point where all repayments of the debt that was outlined in your debt review order has been achieved, you will be issued with a debt clearance certificate.
This, in combination with a healthy credit score, will pave the way for a more prosperous future and allow you to enter into new credit agreements if you need to do so in future. Besides – there is a certain kind of pride and joy associated with finishing something that you started. It’s a confidence booster of note!