If you are wondering how to remove yourself from debt review, fist you need to assess whether or not this is the right decision for you.
If you can prove that you are able to start making regular payments, you can request to end your debt review. Previously you could exit debt review only once you had paid all your re-arranged debts in full and had received a clearance certificate.
How to withdraw:
Your debt counsellor will need to submit a Form 17.4 and they will also need to notify your credit providers by way of a debt review cancellation letter. It is best to speak to your debt counsellor about withdrawing from debt review, as they will be able to facilitate a smoother exit.
Or you can do it yourself and go to the court to obtain permission to get out of debt review.
Making direct Payments:
Most consumers who are under debt review or considering debt review are concerned about how to ensure that the payments they make are correctly paid to the creditors. The good news is that a consumer has the right to make direct payments to credit providers and not make use of the services of a Payment Distribution Agent (PDA). However, according to the National Credit Regulator, if a consumer chooses to make direct payments to credit providers, this cannot be construed as non-co-operation and should not be used as a reason for suspension of debt counselling services.
When you apply for debt review, you will need to sign a Form 16 in order to apply for direct payment:
Debt Review Cancellation Fees:
Note that if you do cancel your debt review, you will have to pay the original installments and interest rates again, plus penalty fees. At this point, your credit providers will be able to proceed with legal action against you again.
So, if you do start earning more money while you are under debt review, it is just easier to just start repaying more than is required – which will result in you becoming debt free sooner.