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How to cancel debt review

How to remove, withdraw, or cancel debt review (to get out)

The legal side of debt review makes it hard to get out. Since, cancelling or removing yourself isn’t straight forward—we’ll guide you through ways to get out.

How to get out of debt review

There are three ways for consumers to get out of debt review/debt counselling. Firstly, by proving that you are not over-indebted and withdrawing from debt review before the court grants a Debt Re-Arrangement Order. Getting out of debt review after that requires a Clearance Certificate to be issiued by a registered debt counsellor. The second way to get out is by finishing the debt review and getting a certified Clearance Certificate. And the third way, involves paying off all the accounts under debt review and using a debt review removal service to obtain and submit the Clearance Certificate.

Can you cancel debt review?

Of course, anyone placed under debt review in South Africans can cancel or withdraw from debt review under the right conditions. Early on, before the court grants a Debt Re-Arrangement Order, consumers can withdraw by proving they’re not over-indebted. This involves the debt counsellor, and the magistrate’s court. After the court grants a Debt Re-Arrangement Order, withdrawal requires a Clearance Certificate. Which means the consumer will have to repay their debts to get paid-up letters from creditors to submit to the debt counsellor.

Maximum APR 32% per annum. Example: Loan amount R100 000, terms: (Annual Percentage Rate) 28%, monthly service fee R68.40, monthly repayment R4558.00. The interest rate will depend on the loan amount, loan term, and credit profile of the applicant.