Being listed on the National Credit Regulator’s Debt Review Register in South Africa can be a challenging phase in your financial journey. However, when you’ve successfully cleared your debts and are ready to regain financial independence, you’ll need to understand the debt review removal process. This step-by-step guide will help you navigate the process smoothly and get your name off the register.
Step 1: Settle Outstanding Debts
Before you can exit the debt review process, it’s crucial to settle all your outstanding debts. Ensure you have paid off all your creditors or completed the agreed-upon debt review plan. Without this, you won’t be eligible for removal.
Step 2: Obtain a Clearance Certificate
Once your debts are settled, your debt counsellor will provide you with a Clearance Certificate. This certificate signifies that you’ve successfully completed your debt review and are now eligible for removal from the Debt Review Register.
Step 3: Notify Creditors
Before proceeding further, inform all your creditors and credit providers about your debt review completion. This gives them an opportunity to update their records and adjust the status of your accounts accordingly.
Step 4: Contact Your Debt Counsellor
Reach out to your debt counsellor and express your desire to exit the debt review process. They will help you fill out the necessary forms and documentation required for the removal process.
Step 5: Submission of Form 17.W
Your debt counsellor will submit Form 17. W to all credit bureaus, indicating your successful exit from debt review. Ensure this form is accurately filled out to avoid any delays in the process.
Step 6: Monitor Your Credit Report
After Form 17. W is submitted, closely monitor your credit report. Credit bureaus should update your status within 20 business days. Confirm that the information reflects your debt review removal.
Step 7: Inform Creditors of Your Status
Even though your creditors should receive updates from the credit bureaus, it’s a good practice to inform them directly about your new debt review status. This will help you negotiate better credit terms in the future.
Exiting the Debt Review Register in South Africa is a significant milestone on your journey to financial recovery. Following this step-by-step guide can help you achieve that goal. Remember that patience and diligence are key during this process.
Once your name is removed from the register, it’s essential to manage your finances responsibly and rebuild your creditworthiness. By adhering to these guidelines and maintaining financial discipline, you can look forward to a brighter, debt-free future.
