Welcome to our guide on how to check debt review status. Whether you are currently undergoing debt review or looking to apply for it, knowing how to check the status of your application is crucial. In this article, we will be discussing the steps you can take to check your debt review status and what each status means.
What is debt review?
Debt review is a process put in place by the National Credit Regulator (NCR) to assist over-indebted consumers. The process involves a debt counsellor assessing a consumer's financial situation and negotiating with their creditors to come up with a repayment plan that is affordable for the consumer. Once the plan is in place, the consumer makes a single monthly payment to the debt counsellor, who then distributes the funds to the creditors accordingly.
Why check your debt review status?
Checking your debt review status is important to ensure that your application has been received and is being processed. It will also give you an idea of where you are in the process and how long you may have to wait before a decision is made.
How to check debt review status
The first step in checking your debt review status is to contact your debt counsellor. They will be able to provide you with updates on your application and the status thereof. It is important to note that each debt counsellor may have their own way of communicating with their clients, so be sure to ask them how they will be contacting you.
1. Check your email
If your debt counsellor has communicated with you via email, be sure to check your inbox, spam, and junk folders regularly. Sometimes emails can be filtered into these folders by mistake, so it's always a good idea to double-check.
2. Check your mobile phone
Your debt counsellor may also send you updates via SMS, so be sure to keep an eye on your mobile phone for any messages. You may also receive calls from your debt counsellor, so keep their number saved in your contacts list.
3. Check the NCR's register
Another way to check your debt review status is to visit the National Credit Regulator's (NCR) register. The NCR's register is a database that contains information about all consumers who have applied for or are currently under debt review. To access the register, you will need to visit the NCR's website and navigate to the 'Debt Help' section.
What do the debt review statuses mean?
When checking your debt review status, you may come across various statuses. Here is a breakdown of what each status means:
- Application received: Your application has been received, and your debt counsellor is currently assessing your financial situation.
- Application accepted: Your application has been accepted, and your debt counsellor is negotiating with your creditors to come up with a repayment plan.
- Plan proposed: Your debt counsellor has proposed a repayment plan to your creditors, and they have yet to accept or reject it.
- Plan accepted: Your creditors have accepted the repayment plan proposed by your debt counsellor.
- Plan rejected: Your creditors have rejected the repayment plan proposed by your debt counsellor, and your debt counsellor will need to come up with an alternative plan.
- Court application: If your creditors reject your proposed repayment plan, your debt counsellor may need to make an application to the court.
- Removal from debt review: Once you have successfully completed your repayment plan, you will be removed from debt review.
Conclusion
In conclusion, checking your debt review status is an important part of the debt review process. By following the steps outlined above, you can keep tabs on your application's progress and ensure that you remain up to date with any developments. Remember, if you have any questions or concerns about your debt review status, be sure to contact your debt counsellor for assistance.
