Debt Expert - Martin Snyman

question

Posted by: Caroline | 2013/05/24 10:46

No longer under debt review, but still can't get credit.

I was under debt counselling, now I'm out because I can pay my debts. However, when I asked for credit, I don't get. What is the problem?

expert answer

Posted by: Martin Snyman | 2013/05/28 14:49

Dear Caroline,

 

When you are applying for debt review, this information is send to the credit bureau for all to see. Credit providers will then not grant you credit because it is unlawful in terms of the national Credit Act to grant credit to a person under debt review.

It is not clear under what conditions your debt review ended. If you paid all your accounts then the debt counsellor should have issued you a clearance certificate confirming that all your debt was repaid. The credit bureau have to expunge your credit records once they receive this clearance certificate.

If your debt is not repaid in full and you have withdrawn for whatever reason or your debt counsellor withdrew from the debt review process, the listing at the credit bureau should be updated to reflect this withdrawal. The listing will remain on the bureau for a period of 6 months and then removed.

You can request a free credit report from any credit bureau and make sure what the listing is and correct it.

The credit providers should not have a problem to grant you credit if the listing for debt review is removed, provided there is no other adverse information recorded

 

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user comments

Posted by: koos | 2013/05/31 14:03
i am currenlty under debt review i have only 2 accounts left my car and home loan my car will be paid up to date by november but i still have 10 years on my home loan currenlty my home loan is not inarears what will happend when my car is up to date and i only need to pay my homeloan can i get clearance report or not
Reply to koos
Posted by: Godwin | 2013/05/31 11:41
Hi there, there should not be any reason why they will not send your free credit report. I had great assistance during this month from all the credit agencies. There are 4 if not mistaken. ITC, Experian, campuscan and XDS. Within 1 call and some info I had to forward I received all of them within a day.
Reply to Godwin
Posted by: Khehla Mkhonza | 2013/05/30 20:25
In 2008 I applied for administration with the company called Uniquefin. I paid R1000 every month until 2012 August when they informed me that my debt is over and they stopped the deduction from my salary. However I am unable to get credit approval even though I demionstrate that I will be able to pay my debts. I tried unsuccessfully though to get my credit report despite a number of organisation promising a free once-off credit report per annum. I would like if there is a way I could get help to acquire a credit report, Regards, Khehla Mkhonza
Reply to Khehla Mkhonza

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