What happens after debt review?

After completing debt review, you will be debt-free

What happens after debt review, is infinitely more positive than what happens before debt review.

Before you enter the debt review programme, your life will in all probability be filled with creditors who are hounding you for missed debt repayments, and debt collectors threatening you with repossession of your assets.

Once you have completed the debt review programme, you will be debt-free and you can start your life with a clean slate.
Contrary to what many believe, you are not viewed negatively by financial institutions once you have completed your debt review.

Banks will view the fact that you were under debt review as a positive rather than a negative, as it shows you took action when you realised you were not coping with your debt.

The best thing to do, would be to avoid taking on any more debt after you have worked so hard to pay off all your existing debt. Credit providers will view this in a positive light because it shows that you are fully rehabilitated and are able to responsibly manage your finances.

Whilst you are under debt review you will not have access to any further credit, as you will be flagged with the credit bureaus.

What happens after debt review? After your debt is completely paid off, you will be issued a clearance certificate. This certificate is known as Form 19.

Your debt counsellor will then notify the credit bureaus that you have paid up all your debt. They are then legally required by the National Credit Act to remove the ‘under debt review’ flag from your credit profile within 21 business days.

Going under debt review is an indication that you want to let go of the burden and stress of overwhelming debt. Once you reach this point, your best course of action would be to get in touch with a registered NDA debt counsellor, who will help you on your journey to become debt free.

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