Cancelling or removing debt review status is possible. A signed letter with an instruction for us to cancel is all it takes.If you cancel debt review before receiving your clearance certificate you need to consider the following, When a debt review is cancelled, the original credit agreement may be revived and the creditors are free to proceed to enforce their rights in terms thereof. Nokofin has 10 years experience in making arrangements on behalf of clients with creditors to pay reduced installments and we are well known in the industry, so you can be cleared from debt review and still continue to pay reduced installments.
First we reach a written agreement with your creditors on your behalf about the capitalization of all payments in arrears and the resumption of the original installments prior to cancelling your review and losing your protection. What you must also keep in mind is that your debt review will be listed on your credit profile until a Form 19 is issued. This can only happen when;
you have brought arrears up to date and are able to pay original instalments, or
if your debt has been settled.
This has been implemented because there were consumers who misused the process to avoid paying their debts, and who then jumped from one debt counsellor to another.