Debt Review Removal in South Africa

How do I remove myself from debt review?

Real Estate Assist will take care of you debt and get you removed from debt review

Real Estate Assist offers a debt review removal solution that is fast and easy. All you need is a property and a stable income, and Real Estate Assist will have plenty of solutions for you.

If you want to sell the property, we can help you with that. If not, there’s another way: renting your home back from us at less than market value.

This means no more worrying about moving out of your house or selling it for less than it’s worth when trying to pay off debts.

Debt review can be removed by a debt counsellor but it is not an automatic process.

A debt review can be removed by a debt counsellor but it is not an automatic process. To remove yourself from debt review, you have to apply for it with the National Credit Regulator or through Real Estate Assist (REA).

If you want to get out of debt review quickly then using Real Estate Assist is recommended. The REA team has a great track record of removing people from debt review in record time while saving them money on future interest and fees, so they can pay off their debts faster.

All debt counsellors cannot do this as some do not have the power or ability to write letters to the credit providers which is needed to remove you from debt review.

The steps involved are:

• The debt counsellor will need to write a letter to the credit providers requesting removal from debt review if this is what the client wants. The client needs to sign off that he agrees with this action;
• The credit providers must also agree with this decision; and
• If all parties agree, then the NCR will send confirmation that you are no longer under debt review and your name will be removed from its central database which means that your name will be clear again on your credit profile.

Debt review removal has to be approved by the NCR and your credit providers have to agree to it. Real Estate Assist can help you with this and remove you from debt review.

REA (Real Estate Assist) can help you with the process if you own a property:

• Real Estate Assist can do a free equity assessment for your property.
• If the equity is enough, Real Estate Assist can consolidate your debts into your home loan. There are many benefits to this, including one affordable monthly payment, lower interest rates and you will be able to rebuild your credit profile.
• In most cases it will mean that you will be on debt review for less time than originally planned.

If you do not yet own a property but would like to buy one in order to get out of debt review faster, REA can help by applying for a home loan on your behalf. We have partnered with all major banks and financial institutions and have access to products which cater for people under debt review and have plenty of solutions for any situation involving property.

If you are in an over-indebted position when you apply for debt review removal, then your application could be refused.

There are three reasons why your application might be refused:

• If you are in an over-indebted position when you apply for debt review removal, then your application could be refused. To determine whether you are over-indebted, the debt counsellor will do an affordability assessment. If it turns out that you can’t afford to pay all of your debt and still maintain a decent standard of living (based on national guidelines), then you will have to find an alternative solution.

One of the requirements for debt review removal is that you must have a job and income that can comfortably repay all of your debt.

One of the basic requirements for debt review removal is that you have a job and income that can comfortably repay all of your debt. This means that you need to be able to prove that not only can you pay off all your debts in the short term, but also pay them off in the long term. If you do not meet these basic requirements, it will not be possible for us to remove you from debt review.

When your debt review is removed, you will have good payment history on your name again and be able to apply for loans with banks.

If you have been making all your payments, then this will have a positive effect on your credit record. You will be able to apply for loans with banks again and as long as you can afford the repayments, you will get approved.

There are other ways to exit debt review besides removing yourself from it. Once you’ve made all of your payments, you will automatically be removed from debt review.

• Using a settlement offer from your credit providers
• Selling your property
• Using the equity in your property

There are other ways to exit debt review besides removing yourself from it. Once you’ve made all of your payments, you will automatically be removed from debt review.

If you want to exit debt review before all of your payments were made, then find out how much equity you have in your property .

In this case, you will be able to have a Reverse Mortgage once all of your debt has been repaid. For more information on how you can exit Debt Review early and protect your credit score, we recommend that you make contact with Real Estate Assist.