Debt review is a process that allows individuals who are facing financial difficulties to get back on track by restructuring their debt repayments. However, it can be a long and challenging process to go through. Once you have completed debt review, it's essential to start planning your next steps towards financial stability. In this blog post, we'll delve into ways to remove debt review and take control of your finances once again.
What is debt review?
Debt review is a process that allows individuals in South Africa to restructure their debts so that they can better manage their repayments. This is done through the help of a debt counsellor who will assess your finances and come up with a repayment plan tailored to your needs.
Why do people want to remove debt review?
While debt review is a helpful process for those who need it, there are some downsides to being in it. Once you've entered into debt review, you will have a lower credit score, and it will be challenging to obtain any further credit. This can be a hindrance if you want to make large purchases such as buying a car or a house.
Additionally, debt review can be a lengthy process, and it may take several years to complete. Being under debt review agreement also means that you will need to follow a strict budget, which can limit your freedom when it comes to spending money.
How to remove debt review?
Pay off your outstanding debt
The first step towards removing debt review is to pay off your outstanding debt. This may seem like a challenging task, especially if you've been struggling with debt for a long time. If you can't pay off the full amount, consider paying off as much as possible. This will help to show your creditors that you're serious about repaying your debt and can also help to improve your credit score.
Contact your debt counsellor
If you want to exit debt review, you'll need to contact your debt counsellor. They will be able to provide guidance on the steps you need to take to remove debt review. They may also be able to provide you with alternatives such as debt consolidation, which could help you manage your finances better.
Apply for a court order
If you find that your debt counsellor is not helping you with your request to remove debt review, you can apply for a court order. This will involve a legal process where you'll need to provide evidence to the court that you can manage to pay off your remaining debts outside of debt review.
Conclusion
Debt review can be a helpful process for those who need it, but it may not be the best option for everyone. Removing debt review can help you regain financial freedom and give you more control over your finances. It's essential to take steps towards paying off your outstanding debts and seeking guidance from professionals if necessary.
Remember that it's never too late to take control of your finances; start today by taking the first step towards eliminating debt review and getting back on the right track.
