Getting out of debt review can be a long and arduous process, but it is possible. The length of the debt review process depends on a variety of factors, such as the amount of debt you have, how much you can repay, and other considerations. Generally, it takes between 36 and 60 months to complete the process, declare yourself debt-free, and receive your authorization certificate. The first step in the debt review process is to contact a registered debt counsellor.
They will assess your financial situation and advise you on the best course of action. This includes creating a budget and a repayment plan that works for you. Once this is done, the debt counsellor will submit your application to the National Credit Regulator (NCR). The NCR will then review your application and decide whether or not to approve it.
If approved, you will be placed under debt review and your creditors will be notified. During this time, you will be protected from legal action by your creditors and any interest or fees on your accounts will be frozen. Your debt counsellor will then negotiate with your creditors to reduce your monthly payments and interest rates. This is done to make sure that you can afford to pay off your debts within the 36-60 month period.
Once all of your creditors have agreed to the terms, the NCR will issue a court order confirming the agreement. At this point, you can start making payments towards your debts according to the new repayment plan. You must make all payments on time in order for the process to be successful. After 36-60 months have passed, you will have paid off all of your debts and can apply for an authorization certificate from the NCR.
This certificate proves that you are no longer under debt review and are free from debt. Getting out of debt review can be a long process, but it is possible with the right guidance and support. If you are struggling with debt, contact a registered debt counsellor today to get started.