If the consumer cannot afford to increase the repayment amounts for the debt assessment, preferably to the amounts they paid before the start of the debt review process, it is highly unlikely that the application will be successful unless creditors have agreed to such reduced amounts Payments specified. If the consumer cannot afford to increase the repayment amounts for the debt review, preferably to the amounts they paid before the start of the debt review process, it is highly unlikely that the application will be successful unless creditors have stated that they will make such reduced payments have accepted. If your application is denied, you can ask why it was denied. As soon as Form 17.2 has been issued and it is described in detail that a consumer’s debt review request has been accepted, this must be noted on the consumer’s credit report.
Can the debt review be canceled?
Yes, this is possible if your debt review has been ordered by a court and the court order is subsequently overturned OR an application is filed with the court to declare you “not over-indebted.” The National Credit Act (“the Act”) introduced debt assessment as debt relief for over-indebted consumers. Unless all accounts have been paid or the consumer is entitled to a certificate of completion, the only way to end the debt review process in accordance with the NCR’s debt review guidelines is to either ask the court to withdraw the debt review order if a was received, or for a statement that the consumer is no longer over-indebted.
How long does it take for the debt review to be approved?
Continuously implement your personalized 5-stage debt management plan to ensure you’re taking on what you can afford and avoid over-indebtedness. However, you’re protected by the National Credit Act (NCA) from the first month you make your first payment. For this reason, it is important that you continue to monitor your credit report for the next six months after the debt review is complete. As a debt assessment customer, you will emerge from the debt review process and have a better knowledge of the importance of healthy money habits such as budgeting, saving, investing and taking out insurance.
References:
- What happens if all or some of my credit providers do not accept the debt repayment plan
- Do not rush into debt review | Citypress
Barry Ritholtz is a renowned finance expert, author and blogger. With over 30 years of experience in the financial industry he has gained a reputation as a thought leader and influencer in the investment community.