Will I Remain Flagged Under Debt Review After I Have Been Successfully Rehabilitated?

In South Africa, the question “Will I remain flagged under debt review after I have been successfully rehabilitated?” is one that many people find themselves asking. It’s a question that arises from a place of concern, a place of wanting to move forward and leave the past behind.

Debt review is a process that was introduced by the National Credit Act to help over-indebted South Africans regain control of their financial situation. It’s a lifeline for those drowning in debt, offering them a way to navigate through their financial difficulties and work towards a future free from the burden of debt.

But what happens once you’ve been successfully rehabilitated? Will you remain flagged under debt review? This is a question that we at Debtco Group hear often. The answer is no, you will not remain flagged under debt review after you have been successfully rehabilitated.

The process of exiting debt review is clearly outlined in the National Credit Amendment Act. Once you’ve paid off all your re-arranged debts or demonstrated your financial ability to do so, you are issued a clearance certificate by your debt counsellor. This certificate is your ticket out of debt review.

But the process doesn’t end there. The bureaus are required to remove the ‘under debt review’ flag from your credit profile within 21 business days of receiving your clearance certificate. This means that within a month of completing your debt review process, you could be free from the flag of debt review.

However, if you do not exit debt review within seven days of completing it, you will remain under debt review. This could have serious consequences. Your creditors could still pursue you for payments and take legal action against you if necessary. Your credit score would be negatively affected, making it difficult for you to access credit in the future.

So, If you are asking yourself: “Will I remain flagged under debt review after I have been successfully rehabilitated?“; the answer is a resounding no, provided you follow the correct procedures and timelines. That’s where we at Debtco Group come in. We’re here to guide you through the process, to help you understand the ins and outs of debt review, and to ensure that you’re using this tool to its full potential.

So, whether you are interested in starting your debt review journey or removing the debt review flag, contact us today so that we can help you achieve your financial goals. Let us help you turn that question into a statement: “I will not remain flagged under debt review after I have been successfully rehabilitated.” With help and guidance from Debtco, that’s a statement you can make with confidence!