Debt review is a debt relief program that helps consumers who are struggling to repay their debts. It works by consolidating all your debts into one monthly payment, which is paid to a debt counsellor. The counsellor will then distribute the payment to your creditors.
Why Cancelling Debt Review is Important
While debt review may seem like a good option, there are times when you may want to cancel it. There are various reasons why you may want to do this:
- If you have found a better debt repayment plan that suits your needs
- If you have recently received a windfall of money and want to settle your debts
- If you no longer require the services of a debt counsellor
If you find yourself in any of the above situations, you will need to cancel your debt review plan.
How to Cancel Debt Review
Cancelling your debt review plan is a simple process, but it’s important to follow the right steps to ensure that you are not penalized. Here’s what you need to do:
Step 1: Send a Notice of Intent to the Debt Counsellor
The first step is to notify your debt counsellor of your intention to cancel the debt review plan. You can do this by sending a written notice of intent. The notice should include your name, ID number, and the debt review case number.
Tip: Keep a copy of the notice of intent for your records.
Step 2: Wait for Confirmation from the Debt Counsellor
After receiving your notice of intent to cancel debt review, the debt counsellor will contact you to arrange a meeting. During the meeting, the counsellor will explain the process of cancelling the plan and the consequences of doing so. Once you have agreed to cancel the plan, the counsellor will send you a formal cancellation letter.
Step 3: Inform Your Creditors
It’s important to let your creditors know that you have cancelled your debt review plan. You can do this by sending a copy of the cancellation letter to each of your creditors. This will ensure that they are aware of the change in your repayment plan.
Conclusion
Cancelling a debt review plan is a straightforward process, but it’s important to follow the right steps to avoid any penalties or fees. Remember to notify your debt counsellor, wait for confirmation, and inform your creditors. By following these steps, you can cancel your debt review plan and find a debt repayment plan that suits your needs.
