How To Cancel Your Debt Review

Are you looking to cancel your debt review? If so, perhaps first consider whether or not you are ready for this. Think of debt review as a debt rehabilitation process, which it is. The point of going under debt review is to help you get out of debt and protect your house and car from being repossessed while repaying your debts in a timeous, affordable manner.

If you happen to come into some cash, whether it be a policy payout, or you get promoted and become financially stable, or you have managed to get a debt consolidation loan from Quick Consolidation Loans, it would be best to talk to your debt counsellor and pay extra towards your repayment plan. This way your assets will remain protected and you will be issued with a debt review clearance certificate once all your debt has been settled.

If you feel that you have mastered how to budget and you have enough money and self-control to handle all of your debts without the help of debt review, remember to thoroughly think through your decision.

Key points to remember when cancelling your debt review:

• If you terminate your debt review plan, you will then have to go back to paying the original instalments and interest rates, as well as additional penalty fees. Your debt counsellor would have reduced these costs for you by means of negotiating with your credit provider.
• You will no longer be protected from legal action that credit providers might take against you. Which means, you will be at risk of having your home and car repossessed.
• In order to cancel your debt review plan, you will have to pay all of your debt counselling fees first.

The National Credit Amendment Act now allows consumers to voluntarily withdraw from the process, without having to settle their debts completely. If you feel like you are ready to take this step, here is a guideline for the process of cancelling your debt review

Debt Review Cancellation Process:

• After speaking to your debt counsellor, they will need to submit a Form 14.4. This is the debt review cancellation letter, which your debt counsellor will use to notify credit providers that you are withdrawing from the debt review process.
• If a court order was not obtained for your debt review process, you will need to submit a From 17.W and notify your credit providers of the withdrawal.
• You will incur debt review cancellation fees. If your debt counsellor obtained a court order, this fee will be more than if they didn’t.
• If a court order was obtained, you will then have to appear in court to have the court order rescinded or apply for another court order, to declare that you are no longer over-indebted. This entire process will require legal fees as well, which you will have to cover.

As previously mentioned, it’s best to thoroughly think this decision through before cancelling your debt review. Take a look at our budget calculator to see if you will be able to terminate your debt review process, and manage your money. Or else, debt consolidation could be a solution. Fill out our contact form and one of our consultants will give you a call to explore your debt consolidation options with Quick Consolidation Loans.