Things to be considered when cancelling from Debt Review

Many clients become anxious after a few months on the Debt Review programme for various reasons. Either creditors are still contacting clients, or they not receiving any statements from their credit providers. At Debt Check we deal directly with the Debt Review department of your credit provider, sometimes the collection department does not know that the client applied for Debt Review this resulting the collection department still calling the consumers. This can be solved by simply sending the collecting agency the application for Debt Review (Form 17.1) issued by your Debt Counsellor, as collecting agency’s are mostly outsourced by the credit provider. They generally make all sorts of threats to the client i.e. collection of furniture, appliances or even garnishees on the clients’ salary advice. We at Debt Check guarantee our clients, that should there be no legal action (e.g. letter of demand or summons) prior to you applying for the Debt Review process; this debt will be protected under the Debt Review application and all legal action will be stopped while our Proposal team is working out a restructured payment amount to your creditors.

When wanting to terminate from the Debt Review programme, please consider the following;

  • Client A is placed under Debt Review; prior to applying for debt review he pays R 5 500 each month to cover all his debt obligations at an average interest rate of 27 %. The Debt Counsellor negotiates a total repayment of R 2 000 per month at an average interest rate of 4 % for all his creditors. After 6 months, he decides he wants to terminate this process as he would like to purchase a vehicle because he received a salary increase. When we terminate your Debt Review application, your creditors will expect you to pay your accounts as per normal with the increased interest rate. They may also backtrack those payments and demand that you pay the full arrears or failure to do so may result in legal action been taken against you. This could result in the creditor issuing you with summons and subsequently placing a garnishee order on your payslip.

We instead advice our clients to rather contact our Proposal team to work out a way in which you can finish paying you debt in a faster period of time. We generally advice the client to start paying off his/her smaller accounts with the extra monies the client now has. Once the small debts are all paid up, it does a few things; it makes the client feel better about themselves, restores dignity and gives the over indebted client hope of a better financial stress free lifestyle as they can see their debt being paid off. There’s nothing better for an over indebted consumer than to have one less account on their name. We therefore do not reduce your installment once a debt is paid off; we leave your installment as is and work with you in paying off the smaller accounts. Once your debt is paid off and you are only left with your Bond, we can issue you with a clearance certificate which will allow you get credit responsibly again.

There could be plenty of other reasons as to why you want to cancel your debt review application; however before going this route please consider your actions and speak to your debt counsellor for the most appropriate action to take in your situation as each case could be vastly different.

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