Debt review is a process that can help individuals who are struggling with debt. It is a process that is regulated by the National Credit Act and is designed to help individuals who are in financial difficulty. The process of debt review can take some time, but it is important to understand how long it takes to be flagged from debt review. The first step in the debt review process is to contact a debt counsellor.
The counsellor will assess the individual's financial situation and provide advice on how to manage their debt. Once the individual has agreed to the terms of the debt review, the counsellor will submit an application to the credit bureaus. This application will include information about the individual's financial situation and will be used to flag them as being under debt review. Once the application has been submitted, the credit bureaus have seven days to update their records and flag the individual as being under debt review. This process can take some time, depending on how quickly the credit bureaus respond.
Once the individual has been flagged as being under debt review, they will be protected from any legal action taken by creditors. The credit bureaus themselves also have seven days to remove the debt review mark from their registry and update that their debt review case is closed. Therefore, the entire process should take about 21 days to complete. It is important to note that this timeline may vary depending on the individual's circumstances and how quickly they are able to provide all of the necessary information for their debt review application. Additionally, if there are any disputes between creditors or if there are any delays in processing, this timeline may be extended. Debt review can be a helpful tool for individuals who are struggling with debt.
It is important to understand how long it takes to be flagged from debt review so that individuals can plan accordingly and make sure that they are able to get out of debt as quickly as possible.