Your potential landlord or rental agent can give you a credit check before concluding a rental agreement, but your debt advisor can provide him with proof of budget and an allowance for the rental amount. In fact, it may be possible to go under debt testing. In fact, it may be possible to go under debt testing. Unfortunately, insurers may reject your claim or charge you a higher premium if you undergo a debt check.
You can remain employed or accept a new job during the debt review.
How do I delete my name as part of the debt check?
In cases of debt checks, members may be liable for aftercare fees, which must be paid before the completion certificate is issued. Offices are required by law to remove the “Under Debt Review” flag from your credit profile within 21 working days of notification. As soon as you have paid your debts in full, the debt advisor will issue you a certificate of approval, which will then also be issued to all your credit providers and credit agencies. However, it may take some time before you receive the Clearance Certificate and receive a refund again.
What happens if I cancel the debt check?
If your debts are forgiven or settled for less than the full amount you owe, the debt is considered canceled in the amount you don’t have to pay. A debt can be repaid if the creditor is unable to collect the amount you are obliged to pay or gives up collecting it. If the consumer has paid all accounts that are in the debt review process, neither of the two circumstances is applicable as the consumer would be entitled to a certificate of completion, which would be issued by the debt advisor once all debts included in the debt review process have been settled, or all such Debt is settled and there is only one outstanding home credit account that is up to date and the consumer can return to the original monthly bond repayment amount.
References:
- Worried about debt review and chance of a job | Fin24
- Will undergoing Debt Review affect my job opportunities? | NDA
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.