What’s life like after Debt Review?

Overcoming your debt challenges through Debt Review is an incredible achievement, and should be celebrated! You’ve taken the time and committed to the process, and can now enjoy being free of debt. This new chapter in your life opens up more doors for you and your loved ones, and you’re better off financially.

After you’ve paid your debts successfully through Debt Review and have paid all your Debt Review fees, you are issued a Debt Clearance Certificate (form 19) from the Debt Counsellor who assisted you. At Debtco Group, all our Debt Counsellors are registered with the National Credit Regulator. Once you’ve received your certificate, we will contact the credit bureau to inform them that you’ve repaid all your debts and completed the process. This prompts them to remove the Debt Review flag from your credit report.

One thing being indebted will have taught you is that banks care about your affordability and your credit history. Once you are done with Debt Review and all your payments have been made, the debt review flag is removed from your profile, and you’ll be able to apply for loans again and make important investments for a home or a vehicle. You will need to build up your credit score though and can do so by honouring your credit card payments and not maxing your cards out, and by closing any accounts you don’t make use of.

After Debt Review, your life changes for the better, however, you should take care when applying for credit in order to avoid a repeat cycle of becoming over-indebted. If you are considering applying for credit after Debt Review, you will need to wait up to 21 days for credit bureaus to update your profile. Our Debt Counsellors advise clients to wait a few months, though, and to keep monitoring their credit reports in the meantime. Banks won’t deny you credit for having been under Debt Review, and you’re able to plan your finances better on a clean slate.

If you’re over-indebted and do not know what to expect from the Debt Review process, you can rest assured that the service we offer at Debtco Group is done professionally, with your best interests in mind. We want you to succeed and to experience what life is like after Debt Review and our team can help you repay everything you owe based on what you can afford. Debt Review also protects you from harassing creditors and protects your assets from repossession.

Look forward to what life’s like after Debt Review, and enjoy the benefits that the process provides you while you pay off your creditors. Contact Debtco Group today for a custom solution to your debt problems.