Debt review is a process designed to help individuals and businesses struggling with debt to manage their debt effectively. It is a legal process that is regulated by the National Credit Act and is carried out by a debt counsellor. Once a person has entered debt review, their name is listed on the credit bureau’s record, indicating that they are under debt review.
While there is no limit to the number of times that a person can enter debt review, it is important to note that it should only be considered as a last resort. Entering debt review should not be taken lightly, as it can negatively impact a person’s credit score and ability to borrow money in the future. It is important to explore all other options before deciding to enter debt review.
If a person successfully completes the debt review process and all their debts are paid off, their name will be removed from the credit bureau’s record, indicating that they are no longer under debt review. This is called the debt review removal process.
It is possible for a person to have their name removed from the credit bureau’s record if they successfully complete the debt review removal process a second time. However, it is important to note that creditors may view this negatively and may be reluctant to lend money to a person who has been under debt review multiple times.
While there is no limit to the number of times a person can enter debt review, it should only be considered as a last resort, however, if you find yourself in a situation where you are currently under debt review for the first or even the second time, contact us at Susa Debt so we can assist you with the debt review removal process.
Our team of experts at Susa Debt will take your hand every step of the way and assist you from the beginning all the wat to the end.
