WILL THERE BE EARLY SETTLEMENT PENALTIES UNDER DEBT REVIEW?
If a consumer under debt review comes into money and wants to pay off their debt, there are no penalties for early settlement.
In fact, they are eligible for discounts, similar to other consumers.
It is more beneficial for the consumer to directly contact credit providers for settlement balances, as they tend to receive larger discounts compared to when a debt counsellor makes the call.
After settling the balances, the consumer should request paid-up letters and forward them to the debt counsellor.
The debt counsellor will then issue a clearance certificate and notify credit providers and bureaus to remove the debt review flag from the consumer’s profile.
WILL THERE BE EARLY SETTLEMENT PENALTIES UNDER DEBT REVIEW?
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