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A woman think about how long Debt Review lasts

How Long Does Debt Review Last?

There are a number of things that determine how long the Debt Review process will last, however, on average, the process usually lasts between 36 and 60 months (3-5 years). This is because each case is unique and is dependent on what you can afford to pay. The Debt Review process is designed to lessen your monthly repayments, making them more affordable for you to pay every month, while still being able to afford your living expenses. 

Should your financial position change while under Debt Review, you will be able to either pay larger amounts, or even a lump-sum payment. Both of these options will allow you to conclude the process in a shorter time frame. 

What Happens After Debt Review?

Upon starting the Debt Review process, your debt counsellor will all let credit bureaus and your credit providers know that you are officially under Debt Review. Your credit profile is then flagged as ‘Under Debt Review’ and you will not be able to take out any more credit for the remainder of the process, this is so that you are able to pay off all your debt without incurring more debt in the process.

After your debt is completely paid off, you will have completed the Debt Review process and you will be financially free! Your debt counsellor will then notify the credit bureaus that you are no longer under Debt Review. You will be issued a clearance certificate (form 19) to confirm that you have completed the Debt Review process so you can start rebuilding your credit score.

In terms of the National Credit Act (NCA), the credit bureaus are legally required to remove the ‘under debt review’ flag from your profile within 21 business days if being notified that you have completed the Debt Review process. 

Can I Buy A House After Debt Review?

Debt Review does not prevent you from purchasing a house once you have completed the process. You will be able to buy a house after Debt Review. Once the credit bureaus have unflagged you, then you will be able to apply for credit again and make purchases under credit, whether that be for a car or a house, etc. You will, however, need to build up your credit score which may take some time.

At Debt Movement, we provide non-judgemental debt advice, tailored to your circumstances, to relieve the burden of financial stress. Stop feeling worried and powerless. Take control of your finances so you can live your best life again. Please feel free to contact us today, we are here to help you in your journey to financial freedom.