Posted by: Caroline | 2013/05/24 10:46
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?
Posted by: Martin Snyman | 2013/05/28 14:49
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If your debt is not repaid in full and you have withdrawn for whatever reason or your debt counsellor withdrew from the debt review process, the listing at the credit bureau should be updated to reflect this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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