Chat with us, powered by LiveChat

What Happens After Debt Review

 

Before you can understand what happens after debt review, it’s essential to understand what occurs during the process. There is a good reason why you cannot take out credit while undergoing debt counselling.

When you apply for debt counselling, we will notify the credit bureaus and your credit providers that you are under debt review. Subsequently, the credit bureaus will flag your credit profile as ‘under debt review’.

The reason for flagging your profile is to prevent you from taking out any more credit. The purpose of debt counselling is to rehabilitate your finances and credit record. Getting even deeper into debt is detrimental to your financial wellness, and debt counselling protects you from this.

Once you have paid off your debts, NDA will send a copy of your clearance certificate to you, your credit providers, the National Credit Regulator (NCR) and the credit bureaus. After debt review, the credit bureaus will remove the ‘under debt review’ flag from your profile, and you will again be allowed to take out credit.

However, you should be cautious of taking out more credit straight after debt review. For some, the ordeal of being over-indebted is reason enough to be scared off credit. Others may be eager to rush to the bank and get themselves a new credit card.

Either way, it’s critical to draw up a budget and continually revise it, as the cost of living is continually rising. Additionally, don’t neglect to save and invest, so you can grow your money at the same time.

Share this:

EMAIL
FACEBOOK
FACEBOOK
TWITTER
Visit Us
YOUTUBE
PINTEREST
PINTEREST

Free Call Back Form

Fill in the form below and a consultant will call you back today to help you resolve your debt problems in a few simple steps.
  • This field is for validation purposes and should be left unchanged.
Facebook Pagelike Widget

Sign Up To Our Monthly Newsletter