WHAT IS A DEBT REVIEW CLEARANCE CERTIFICATE?

WHAT IS A DEBT REVIEW CLEARANCE CERTIFICATE?

A debt review clearance certificate is a document that confirms you’ve paid off all the debts included in your debt review court order or repayment agreement. Getting this certificate marks the successful completion of your debt review process. Even if you have a long-term agreement like a mortgage, you can still get a clearance certificate once all your short-term debts are paid off. According to the National Credit Act (NCA) 34 of 2005, your debt counsellor, not a court, will issue this certificate.

When Can You Get a Debt Review Clearance Certificate?

You can receive a clearance certificate when:

  • You’ve paid off all the debts listed in your debt review court order or repayment agreement.
  • All your short-term credit agreements, like vehicle financing, are paid in full, and you’re only left with a mortgage that is not in arrears.

Credit providers need to issue paid-up letters for the short-term agreements before the debt counsellor can issue the clearance certificate. Once you have the certificate, it will be sent to all credit bureaus along with the paid-up letters. The debt counsellor and credit bureaus will update their systems to show that you’ve successfully completed the debt review process.

Contact Simunye Debt Advisory, the debt counselling experts, today. We can help you get a clearance certificate once all your accounts under debt review are paid up, so you can enter into new credit agreements.

WHAT IS A DEBT REVIEW CLEARANCE CERTIFICATE?

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