Once you have gone through the debt review process, that is, you have followed the steps outlined in your payment plan and have paid off all of your debts, you can request a certificate of approval for debt review. Generally, it should take 21 days to receive your certificate of approval for debt review. The debt review process is an important step in getting your finances back on track. It helps you to manage your debt and make sure that you are able to pay off all of your creditors.
The process involves working with a debt counsellor who will assess your financial situation and create a payment plan that is tailored to your needs. This payment plan will include details such as how much you need to pay each month and how long it will take for you to pay off all of your debts. Once you have completed the payment plan, you can then apply for a certificate of approval for debt review. This certificate is issued by the National Credit Regulator (NCR) and is proof that you have successfully completed the debt review process.
It is important to note that this certificate does not mean that all of your debts have been cleared, but rather that you have met all of the requirements set out in the payment plan. The process of obtaining a certificate of approval for debt review can take up to 21 days. This is because the NCR needs to verify all of the information provided in the application and ensure that all of the requirements have been met. Once the application has been approved, the NCR will issue a certificate of approval for debt review which will be sent to you via email or post. It is important to note that even after you have received your certificate of approval for debt review, it does not mean that all of your debts have been cleared.
You will still need to make regular payments on any outstanding debts in order to ensure that they are paid off in full. The debt review process can be a long and complicated one, but it is an important step in getting your finances back on track. By following the steps outlined in your payment plan and obtaining a certificate of approval for debt review, you can be sure that you are on the right path towards financial freedom.
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