Our advice is always: DON’T WITHDRAW! It’s better to complete your debt review.Why? After completion, you will be issued with a clearance certificate that will allow credit bureaus to remove your negative repayment history and give you a clean report. If your counsellor is not performing as expected, you can report them to the National Credit Regulator and ask them to transfer you to a more suitable counsellor. The regulator’s debt review department is very well set up and handles these complaints very efficiently. If you feel that you have to withdraw, don’t simply stop allowing payments to be made. This is not going to cancel your debt review and the flag will remain on your name. The only way to exit at this point is to get a court order to state that you are no longer over-indebted. It’s important to remember: Even though your counsellor didn’t go to court when you applied for debt review, you can only exit debt review with a court order. It’s definitely worth your while to reconsider withdrawing. The benefits of rehabilitating your finances and your credit report outweigh the short-term benefits of cash in hand.
If you would like to find out more about debt review or your credit report, please contact our Customer Care line on 0861 51 41 31 or email [email protected].