How to exit debt review

A consumer can apply for debt review if they are unable to meet their debt commitments. However, in some cases, a consumer’s finances may improve and they wish to exit. Whether or not you are able to exit will be determined by where you are in the process.

When you apply for debt review, a debt counsellor issues form 17.1(b) which protects you from further legal action by your creditors. Creditors must provide a certificate of balance and the debt counsellor then assesses whether you are overindebted.

Once this assessment is completed, the debt counsellor issues form 17.2 (b). This includes a repayment plan which could include interest rate concessions from your creditors. Although this agreement still requires court approval, the consumer can start the new repayment schedule. All credit bureaus are notified, and you are effectively under debt review.

The next step is to apply to the Magistrates Court and the magistrate declares the consumer overindebted.

If you have applied for debt review and the debt counsellor has issued form 17.1(b), you can still cancel the process. Be aware that creditors can immediately act against you, if you are in arrears with repayments, as you are no longer protected.

Once form 17.2(b) has been issued, you are under debt review, but a magistrate has not yet issued a court order. If your financial circumstances have changed, then you can provide this information in the court application. If the magistrate agrees that you are no longer over-indebted, this terminates the debt review.

Once a magistrate has issued a court order placing you under debt review, you cannot exit until all your debts, apart from your mortgage, are settled as per the court order. This means even if your financial circumstances change you will not be able to exit debt review.

The only way to exit in this case is to accelerate all your debt repayments and settle as quickly as possible. If you received an interest-rate concession in the debt review agreement as you would settle your debts sooner than if you were not under debt review.

Kristin Malia explains the difference between Credit Card Debt Settlement Versus Consolidation and what the differences between the two.

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Transcript:

Watch more Credit & Credit Cards videos: http://www.howcast.com/videos/313540-How-to-Choose-a-Consumer-Credit-Counseling-Service

When life throws you a curve ball, find the best agency to help you get out of debt.

Warning
Be aware that some consumer credit counseling agencies may not be legitimate or honest.

Step 1: Make a list of possible credit counselors
Draw up a list of possible credit counselors. Many colleges, credit unions, and military bases offer credit counseling programs. Find others through web searches or referrals from friends and family.

Tip
If you choose a nonprofit agency, make sure their fees are affordable.

Step 2: See if the agency is a member of a trade association
Eliminate the agencies that aren’t members of major trade associations by searching the websites of the AICCCA and the NFCC.

Tip
Find the AICCCA, or Association of Independent Consumer Credit Counseling Agencies, at aiccca.org. The NFCC, or National Foundation for Credit Counseling, is at nfcc.org.

Step 3: Search for complaints filed against the agencies
Contact your state Attorney General’s office, your local consumer protection agency, and the Better Business Bureau to see if any of the agencies have had complaints filed against them.

Step 4: Get information about each agency
Contact each agency remaining on your list and ask for a basic information packet. They should provide this without asking for financial information or a fee.

Step 5: Review information about services offered
Review the information about each agency’s services. Look for counselors that offer a full range of options, including budget counseling and savings and debt management classes.

Tip
Avoid agencies that offer to enroll you in a Debt Management Plan, or DMP, without reviewing your financial situation.

Step 6: Ask about fees and qualifications
Ask about fees, including set-up and monthly fees. Find out how the counselors are trained and compensated. Avoid services where counselors work on commission only.

Step 7: Get a formal, written agreement
Select an agency that offers services that best meet your needs. Get a formal, written agreement that includes a price quote. Follow their advice and you’ll be on your way to financial freedom.

Did You Know?
At the end of 2008, the total amount of credit card debt in the U.S. topped $972 billion. On average, each American household carried about $8,000 in credit card debt.

We were not able to make as much progress this month because of the pandemic hardships, but we still chipped away at it the best we could.

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The Debt Counsellor · Whackhead Simpson

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Released on: 2012-11-01

Writer, Composer: Darren Simpson

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