Debt Clearance Certificate
When you have repaid your debts through debt counselling (or debt review), a debt clearance certificate is the official document that shows you have successfully settled all outstanding accounts. Also known as a Form 19, this document serves as formal evidence that you have completed the process and are not flagged as under debt review with credit bureaus.
Your debt counsellor is responsible for issuing you with a Debt Clearance certificate, through a process governed by the National Credit Act (NCA) and overseen by the National Credit Regulator (NCR). Your registered debt counsellor must also share this certificate with credit bureaus, prompting them to update your credit profile and remove the debt review flag. Keep in mind that it can take up to 21 working days for debt review removal.
Understanding Debt Clearance
So, what is a clearance certificate, and why is it important? With red flags and debt review on your credit report, you are restricted from entering into new credit agreements, and your credit score cannot improve. Having a bad credit record counts against you, but Ayoba Loans can assist you in acquiring your debt clearance certificate and moving forward with your life.
Our expert team effectively oversees the removal of judgments and debt review flags from your name. We specialise in ITC clearance, and if you are struggling to receive your debt clearance certificate even after all your debts have been repaid, we can lodge a formal complaint with the National Credit Regulator on your behalf. In some cases, we apply to the National Credit Tribunal (NCT), which orders that your debt counsellor issues the certificate.
As a South African consumer working to improve your name and restore your financial freedom, clearing your name of judgments, defaults, and negative information is key. We can help with ITC Clearance if your profile is not where you want it to be.
Working with Ayoba Loans
If you have completed debt review and are struggling to receive feedback from your debt counsellor, Ayoba Loans can assist. We will follow the correct legal steps to ensure you receive your debt clearance certificate, and we will also ensure that credit bureaus remove the debt review listing from your credit profile.
Not all debt counsellors follow the correct NCR guidelines – this does not mean you should suffer. Get ready to close the doors to your debt review journey for good, with professional assistance from our team. We understand the importance of maintaining your credit profile and have the knowledge and insight to help you achieve this.
