They are declared over-indebted during the debt check and marked as customers for debt verification by credit agencies. This prevents you from taking out any further loans, as the debt check is designed to help you pay off existing debts. Once the debt review process is complete, a debt advisor issues a certificate of approval. … Read more
Yes, this is possible if your debt review has been court-ordered and the court order is subsequently overturned OR an application is filed with the court declaring you “not over-indebted.” You can withdraw from the debt review process before Form 17.2 is issued. Form 17.2 shows that the debt advisor (at your request and permission) … Read more
While debt verification can be a lifeline for an over-indebted consumer, it shouldn’t be done lightly. Over-indebted consumers must be aware that they will not be able to apply for new loans once the debt check has been completed and that they cannot be terminated until all debts are settled. The answer is undoubtedly that … Read more