The DEBT REVIEW process is a long term commitment. There are many reasons that a person goes under Debt Review. However as individual circumstances change over time; you may feel the need to remove yourself from debt review.

Once you register for Debt Review you are automatically listed on the credit bureaux. This means that you cannot move on with your life unless, you are issued a clearance certificate (all payments done) or you have a reason to apply to Court to have yourself removed from Debt Review.

Cancelling debt review in South Africa can be done, but it involves specific legal and procedural steps. It is important to understand the implications of exiting debt review, as it may impact your financial situation and credit record. Below is a guide:

WE CAN HELP YOU BY APPLYING TO COURT FOR A RESCISSION ORDER

Debt Review is governed by the National Credit Act, 34 of 2005 and the National Credit Regulator.

There are many aspects to be considered when a person applies for Debt Review and therefore, the authorities feel that the process should not be abused by consumers, trying to avoid payment of their debts.

The current regulations state that that a consumer cannot be removed from Debt Review without the assistance of legal consultant and an application to the local Magistrate Court.

Steps to Cancel Debt Review:

Determine Your Status in Debt Review:

If you are still in the early stages of the process (before a court order is granted), cancelling is relatively easier.

If a debt review court order has been granted, additional steps and legal procedures will be required.

Approach the Court to Rescind the Debt Review Order (If Applicable):

If a court order has been granted to place you under debt review, you must approach the court to rescind (cancel) the order.

A lawyer can assist you in preparing the application to show you no longer require debt review.

WHEN IS CANCELLING DEBT REVIEW APPROPRIATE?

You may consider cancelling debt review if:

Your financial situation has improved significantly.

You can now manage your debts without assistance.

You believe the process is no longer necessary or suitable for you.

LEGAL ASSISTANCE:

Cancelling debt review can be complex, especially if a court order is involved. Consider consulting a lawyer or financial expert to guide you through the process.

If you need more detailed assistance or forms to proceed, let us know!