The Truth About "Free Debt Review Removal"
Dealing with debt review can feel overwhelming, especially if you're looking for ways to have your debt review status removed. Many consumers often search for "free debt review removal" services in hopes of finding a quick and cost-free solution. However, the reality is that debt review removal is not something anyone can do for free, nor can just anyone assist with it. In this article, we'll break down the process, clarify why only registered debt counsellors can help, and provide you with the right steps to take to have your debt review status legally removed.
What is Debt Review and Why is It Important?
Debt review is a formal debt relief process introduced by South African law to help over-indebted consumers regain financial stability. Once you’re under debt review, your debt counsellor negotiates with your creditors to restructure your payments, making it more manageable. While debt review is a lifesaver for many, it also comes with limitations, such as the inability to access credit until the debt review process is completed.
This leads many to seek out ways to remove their debt review status prematurely, often driven by misconceptions about how debt review works.
The Role of a Debt Counsellor in Debt Review
A debt counsellor plays a central role in managing the debt review process. They are professionals registered with the National Credit Regulator (NCR), and they are the only people legally permitted to guide you through the process, negotiate with your creditors, and, importantly, remove your debt review status once all conditions are met.
Understanding the Debt Review Removal Process
Debt review removal is a process that must be initiated and completed by a registered debt counsellor. Once all of your outstanding debts have been settled as per the restructured agreements made under the debt review process, your debt counsellor will issue a clearance certificate, also known as Form 19.
It’s important to understand that only a registered debt counsellor can remove your debt review status through the issuance of this certificate. Without Form 19, your name will remain under debt review, and you will not be able to apply for new credit.
Why No One Offers Free Debt Review Removal Services
One of the biggest myths is that there are individuals or companies offering free debt review removal services. The truth is, no one can legally remove your debt review status without following the correct process, and this process requires the involvement of a registered debt counsellor. These professionals have specific training, and they follow strict regulations laid out by the NCR.
Given the legal and administrative steps involved, offering a "free" service is simply not feasible. Any company or individual claiming to offer free debt review removal is likely operating a scam or will not deliver the legitimate services you need.
Who Can Legally Remove Debt Review Status?
The removal of debt review status is a regulated process in South Africa. Only NCR-registered debt counsellors can remove a person from debt review, and this can only happen once all outstanding debts have been settled or restructured as agreed upon during the debt review process.
The Role of a Registered Debt Counsellor in Issuing Form 19
A registered debt counsellor will issue Form 19 (the clearance certificate) once you have paid off your restructured debts or have complied with the terms agreed during your debt review. This form is then submitted to the NCR, after which the debt review status is officially removed from your credit profile.
Why the NCR Cannot Remove Debt Review
Many people mistakenly believe that the National Credit Regulator (NCR) can remove their debt review status. However, the NCR itself cannot remove anyone from debt review. Their role is regulatory; they oversee debt counsellors but are not involved in the day-to-day administration of individual debt review cases.
Only your debt counsellor has the authority to initiate the removal of your debt review status through the issuance of a clearance certificate.
Form 19 – The Clearance Certificate for Debt Review
The clearance certificate, or Form 19, is the legal document that certifies that you have satisfied all of the conditions of your debt review. Once issued, it is submitted to credit bureaus, signaling that you are no longer under debt review. After this, your credit profile will be updated, allowing you to apply for credit if needed.
What Happens After Receiving Form 19?
Once Form 19 is issued, your debt counsellor submits it to the NCR and relevant credit bureaus. After the debt review status is removed, you are no longer subject to the restrictions that come with debt review, such as not being able to take on new credit. However, it’s crucial to be financially responsible and avoid falling into debt again.
Beware of Scams: Free Debt Review Removal Offers
It’s essential to be cautious when dealing with any services claiming to offer free debt review removal. Scammers often target vulnerable individuals looking for a quick fix, and falling for these can worsen your financial situation.
Always verify that the person you’re dealing with is registered with the NCR before proceeding with any debt review removal service.
How Long Does Debt Review Removal Take?
Debt review removal depends on how long it takes to pay off your restructured debts. Once your payments are complete, your debt counsellor can process the clearance certificate relatively quickly. However, it may take a few weeks for your debt review status to be officially removed from credit bureaus.
Steps to Take After Debt Review Removal
After your debt review status is removed, you should check your credit report to ensure that the debt review status has been fully removed. It's also wise to maintain good financial habits and avoid taking on too much debt too soon.
It's essential to understand that certain credit providers might have internal indicators; read the blog post here.
How to Contact a Registered Debt Counsellor
If you are ready to start the debt review removal process or have questions about your current situation, you can contact us at 057 352 4115 or send us a WhatsApp message. You can also complete a contact form on our website, and we’ll guide you through the process.
Why Registered Debt Counsellors Are Essential for Debt Review Removal
Only a registered debt counsellor can remove you from debt review legally and correctly. Make sure you work with a professional who understands the process and can provide you with the right advice.
Your Debt Review Removal Checklist
- Contact a registered debt counsellor.
- Ensure all debts under debt review are paid off.
- Request Form 19 from your debt counsellor.
- Submit the form to credit bureaus.
- Follow up to ensure your credit profile is updated.
Conclusion: Get Help from a Professional Debt Counsellor
Debt review removal can be a complex process, but it’s essential to work with a professional, registered debt counsellor to ensure that it is done correctly. Avoid the pitfalls of scams offering "free" services and trust in qualified experts to guide you through the process.
If you're looking for assistance, feel free to contact us at 057 352 4115 or send a WhatsApp. We’re here to help you achieve financial freedom.
Frequently Asked Questions (FAQs)
No, only a registered debt counsellor can remove you from debt review by issuing Form 19.
No, the process requires the assistance of a registered debt counsellor and cannot be done for free.
You can verify the registration status of your debt counsellor by checking with the NCR directly https://www.ncr.org.za/register_of_registrants/registered_dc.php
Yes, once your debt review status is removed, you can apply for credit, but it's important to manage your finances responsibly. And keep in mind some credit providers have internal flags read the blog post here.
It depends on how quickly you settle your debts, but the form is issued once all debts are cleared.