How the cleaning
PROCESS works
The right to withdraw from debt review early is enshrined in the law. A signed letter with an instruction to remove is all it takes.PLEASE NOTE that If you exit debt review before receiving your clearance certificate you will need to consider the following, When a debt review is removed, the original credit agreement is revived and the creditors are free to proceed to enforce their rights in terms thereof. That is why we urge clients not to terminate without making prior arrangements with creditors directly.
What is Debt Review and how does it work?
Debt Review otherwise known as debt counseling is basically the process where a consumer who is over-indebted can be placed under debt review in order to protect them. The registered Debt Counselor basically negotiates with those you owe money to about your outstanding amounts and then gets an agreement that you will repay the debts at the stated amounts owed.
How early termination of debt review works
The whole process starts with a letter from your side giving a lawyer or specialist debt review company permission to begin a process of removing your name from debt counseling, it is important to note that certain conditions will apply if a court order was previously granted e.g some accounts will need to be paid up and the rest be brought up to date in order to be terminated from debt review or alternatively pay off all your accounts in full and obtain a clearance certificate, an assessment will be made by the debt counselor or attorneys to determine if your financial circumstance allow for early termination of debt review, you must be in a better financial situation and prove very well that you can afford to pay the original installments, with the removal of debt review, there are certain implications that you would need to be aware of before you can begin the process, for example if you terminate from debt review early debt collectors may be entitled to take legal action against you for moneys owed. It is important that you must be certain that you want to be removed from debt review commitment.
