How long will the debt review flag last for?

Unfortunately, there’s no specific timeframe for how long your name will be flagged for. Your name will be flagged under debt review until all your debt has been settled and you’re up to date with your bond repayments. Once that happens you will be issued a clearance certificate which will prove that you have completed the debt review process. The credit bureaus will remove the flag from your name within 21 days once they’ve received the clearance certificate. The sooner you pay off all your debt, the sooner your name will be removed. What does it mean to have your name flagged? And how do you check if your name is flagged? 

How to check if your name is under debt review?

You can check if your name is under debt review by looking at your credit report. You can access your credit report from any of the credit bureaus like Experian, Transunion etc. Once you’ve logged into your credit report you will see an ‘under debt review’ notification. 

What does the debt review flag mean? 

Once you’ve been accepted under the debt review process your debt counsellor will notify all credit bureaus. Your name will be tagged with the ‘under debt review’ flag which will prevent you from making more debt while you’re under debt review. 

The debt review flag has been put in place to help you stay on track with your financial goals. It would be extremely difficult to get out of debt if you kept making more debt. Therefore it would be better for you to avoid debt while you’re under debt review. This would help speed up the process and allow you to learn how to cope financially without debt.

How do you remove the debt review flag? 

There’s only one way to remove your debt review flag, that is by paying off all your debt. You will receive a clearance certificate once you’ve paid off all your debt and your mortgage repayments are up to date. Pay any extra money you have every month towards your debt. The sooner it gets paid off, the sooner you can exit the process and get the flag removed.

Once you have paid off all your debt listed in your debt review repayment agreement, or all your short term credit agreements have been paid in full and your mortgage bond repayments are up to date, you can request a clearance certificate from your debt counsellor. 

Your debt counsellor will notify all credit bureaus and your debt review flag will be removed within 21 business days. 

Will you qualify for credit after the debt review flag is removed?

Once the debt review flag has been removed from your name you will be allowed to apply for credit again. You can then apply for new credit and rebuild your credit report back to healthy standing. Once you’ve completed the debt review process and you’re debt-free, you’ll be able to apply for home loans, car loans, store cards, and even credit cards again. You’ll have a second chance at building a strong financial future. 

Once you’re under debt review it is advised that you push as much extra cash as possible into your debt. This will help speed up the process and you’ll be debt-free sooner than expected. 

If you’re struggling to afford your monthly living expenses and your debt repayments, you may be over-indebted. Fill in the form below and one of our friendly consultants will contact you as soon as possible to discuss your options. 

12 responses to “How long will the debt review flag last for?”

  1. I am very angry with your service, I did a quotation with you then you put my name under debt review just for a quotation, here I am paying my accounts on my own and I cant do anything as i am regarded as a person under debt review

  2. Hi
    My accounts is coming off its normal account holders like African Bank…..but my name is stilled flagged.
    how do I get that removed because I am no longer paying through debt counselling.
    I was with African Debt Advisors.

  3. Good day, kindly note that the debt review flag will remain against your name till all debt has been settled in full. Once all debt has been settled you can reach out to your debt counsellor and provide them with your paid up letters to issue a clearance for you.

  4. ive been underf ddebt review ive paid my debt and recuieved my clearance certifictae .ive made new debt since ive been cleared but yet when i apply for a home loan then my Debt review status re aappears . how can i get over this

  5. Kindly contact your Debt Counsellor and advise them which company your bank uses to draw credit reports in order for your debt counsellor to contact the said company and provide them with the clearance certificate.

  6. Good day, I received a clearance certificate 1 April. But debt rescue only updates NCR on 4 May 2022. On transunion I can see that I am no longer in debt counseling but when I apply for credit I get denied

  7. Good dat Anette, please get in contact with our offices in order to see how we can assist.

  8. Can credit providers still refuse to issue paid up letters if the debt has prescribed?

  9. They will not provide you with a pad up letter as the account was not paid up but they can supply you with a prescription letter stating the debt has prescribed and written off.

  10. all my accounts is paid in full and i settle its myself as debt review as behind on everything

    can any one assist me to get me name remove form debt review and flag to be lifted

    was with hypden since 2017/06/01
    2020 started to pay my accounts my self

    regards

  11. Good day, kindly contact our office on 0861123644 and we will be able to advice.

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