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It’s easy to get caught in a debt trap. Even the best-laid plans can go awry when the unexpected happens – and that can have dire effects on your debt repayment plans. Maya Fisher-French explains what debt counselling is and when it becomes necessary in order to avoid being blacklisted.
Watch Money Matters here: https://www.enca.com/shows/money-matters-maya-fisher-french
Debt Review Clearance Certificate
Get your Debt Review Clearance Certificate today. Simply complete the below free online application for assessment and one of our professionals will contact you.
What is a Debt Review Clearance Certificate?
A debt review clearance certificate is also known as Form19 is a certificate that verifies that a consumer has satisfied all obligations under every credit agreement that was subject to a debt review court order or debt review repayment agreement. This certificate is evidence that you are debt-free and you have completed the debt review process.
The issuing of a clearance certificate as per section 71 of The National Credit Act (NCA 34 of 2005) signals the end of a successful debt review process. The effect is that even if the consumer has a long-term agreement that was subject to debt review such as a mortgage bond, they can obtain a clearance certificate after every other short-term credit agreement under debt review is paid in full.
In terms of the National Credit Act (NCA) 34 of 2005, the debt counsellor and not a court, must issue a clearance certificate.
This debt review clearance certificate can only be issued by a registered debt counsellor only if:
All the restructured accounts as per the court order or agreement are paid up in full.
There are no outstanding debt counselling fees.
Home Loan or your bond under the above agreement may be excluded. In other words, a clearance certificate can be issued if there is an outstanding balance on your home loan account.
What can you do with your debt review clearance certificate?
There is not much you can do. The National Debt Review Center will act under Section 21 of the National Credit Amendment Act. This Act requires your debt counsellor to present all paid-up letters with your clearance certificate to all bureaus. The National Credit Regulator requires The National Debt Review Center to present all paid-up letters with your clearance certificate to all registered credit bureaus.
This is to assure that the rearranged accounts get amended by the credit bureaus as paid up. The National Credit Amendment Act also requires all registered credit bureaus to remove the negative months in arrears from your credit profile.
What happens after the Credit Bureaus have received your Debt Review Clearance Certificate?
Once the bureaus receive your Clearance Certificate, they will remove the debt counselling flag off your profile. In addition to this they will remove all your default listings and judgements. The only record that will remain is your payment history. According to the Credit Act, your payment history will remain on your record for two years.
How long until I can apply for credit again after getting my Debt Review Clearance Certificate?
Many people think they can get credit straight away after receiving their clearance certificate.
This is not always possible.
In theory, you should be able to apply for credit again within a week of receiving your Clearance Certificate. But we have seen that the credit bureaus take longer than that to clear your record. We would suggest waiting three months before applying for new credit.
After the credit bureaus receive your Clearance Certificate each account in your Payment History should have a “Paid-Up” or “Closed” status. Since your Payment History remains on your credit report for 2 years your credit score will take some time to become good – as time passes your credit score will improve, and by six months it will be in a much better standing (but you don’t have to wait that long to apply for credit).
Pull your credit report about one month after receiving your Clearance Certificate. Check that everything is in order before applying for credit. If you see that the Debt Review listing still reflects on your credit profile contact the credit bureau immediately to rectify the listing.
Conclusion
A consumer under debt review can only be issued with a clearance certificate when:
When they either have paid up all their debts which were listed in the debt review court order or debt review repayment agreement.
When all their short term credit agreements listed in the debt review court order or debt review repayment agreement which is short term agreements may include a vehicle financing agreement have been paid in full and the consumer is only left with a mortgage loan that is not in arrears in terms of the debt review court order or debt review repayment agreement.
Read more
https://ndrc.org.za/debt-review-clearance-certificate/
In this course, experienced mediator Jim Melamed shares his favorite techniques and strategies to help participants through the mediation process. This includes presentation of concepts associated with “Maximizing Mediation,” Framing, Question Forms, Rapport Development, Resource States, Strategic Approaches, De-positioning and Integrative Negotiation.
Recorded at the APFM Annual Conference, October 2018, San Diego.
See the full course at https://www.mediate.com/University
Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off many others. This commonly refers to a personal finance process of individuals addressing high consumer debt, but occasionally it can also refer to a country’s fiscal approach to consolidate corporate debt or government debt.
A debt consolidation loan is one way to refinance your debt. You’ll apply for a loan for the amount you owe on your existing debts, and once approved, you’ll use the funds to pay off your debt balances. Then you’ll pay down the new loan over time.
A debt consolidation loan is a good idea if you can get a lower annual percentage rate than what you’re currently paying on your other debts. The best debt consolidation loan interest rates are reserved for borrowers with good or excellent credit (690 or higher credit score). A debt consolidation calculator can help you understand if a loan is right for you.
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Did you know you can leverage non-profit financial counseling for hands-on support to improve your finances?
If you’re struggling with your finances and high-interest debt then financial counseling is something that could help. It could be that you are starting over, getting through a rough patch, or perhaps need someone to work with you on creating an actionable plan to adjust your habits….sometimes you just need a little support to get back on track financially without the shame or judgment.
Tune into this session with Bola and Yazmir from team CGF to learn exactly what financial counseling entails and learn how to find a reputable non-profit company to support you!
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Digital Budget Check-in with a PAY RAISE!!!! Let’s check-in on my digital budget to see my pay raise and check-in on my No Spend Month challenge. PLUS, I owe you that TP Count!
Hi, I’m Liz! Here on Budget and Balance I share my health and wealth journey to improve my health and pay off $150,000 in DEBT by budgeting, savings, and side hustling! Hope you’ll join me.
#digitalbudget #budgetwithme #debtfreejourney
00:00 Welcome
01:20 Goals
02:01 Projects
03:05 Income w Raise
04:34 Fixed Expenses
05:08 Debt
07:30 Review
07:59 Variable Expenses
10:51 Savings
12:15 Roll Over
12:28 TP Situation
Instagram (reselling): @BudgetandBalanceLiz
Business inquiries: lifeaslizreaches@gmail.com
Did you catch these videos?
No Spend Month challenge: https://youtu.be/m8HXNyX_hI4
Federal Student Loan Repayment: https://youtu.be/9d4zlly9Eus
Debt Confession: My Secret https://youtu.be/ulGQYTX-IV8
Frugal Friday playlist https://www.youtube.com/playlist?list=PLMcSNU6WIlQYKdPrQ9F7H3gpqFkqhFt7k
Becky from @TheGoodKindofMidLifeCrisis is participating in the No Spend Month Challenge. Check out her channel!
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I created free resources to help you on your financial journey. When paying off debt and saving money are the goals, you don’t need to spend money on a tracker. If you would like to show your support, you are welcome to send it via Venmo, @Liz-Reach.
My Original FREE Budget Tracker: https://docs.google.com/spreadsheets/d/14WtlE3FpAfayCRhQeeeLxxruYQqqydov/copy
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As financial stress increases, South Africans are turning to debt counsellors. Unfortunately, this opens them to scams. Bogus debt counsellors are luring vulnerable consumers into debt review by offering them quick solutions. #eNCA #DStv403 #QuestionThinkAct
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What Happens After The Debt Consolidation Timeline? Understanding the aftermath of completing a debt consolidation timeline is essential for anyone looking to improve their financial situation. In this video, we will cover the immediate benefits that come with paying off a debt consolidation loan, including how it can simplify your monthly financial obligations. We’ll discuss the impact this process can have on your credit score and what to expect in the long run.
Additionally, we will highlight the importance of maintaining good financial habits after debt consolidation to avoid the pitfalls of accumulating new debt. You’ll learn how to manage your finances effectively post-consolidation, ensuring you stay on track and make the most of your financial resources.
We will also touch on the significance of budgeting and monitoring expenses as a means to achieve long-term financial stability. If you are looking for ways to navigate your financial journey after debt consolidation, this video will provide you with the guidance you need.
Join us for this informative discussion, and subscribe to our channel for more helpful tips on credit and finances.
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???? About Us: At CreditGuide360, we delve into the intricacies of various credit topics, including credit scores, building credit, how to obtain credit and business credit. We also explore the less commonly discussed facets of credit like credit repair, credit utilization strategies, and the impact of credit on your financial health. Our content is designed to demystify the details and help you understand the best practices and regulatory environments that shape credit policies and scores.
Disclaimer: CreditGuide360 does not guarantee the accuracy or timeliness of any information on this channel. Information found on this YouTube Channel is strictly for informational purposes and does not construe legal, financial or medical advice. Use at your own risk.
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