Short answer:
Successfully completing debt review is a major financial milestone. It means you’ve repaid all your restructured debts, regained control over your finances, and can start rebuilding your creditworthiness.
1. Receiving Your Debt Review Clearance Certificate
Once all debts under your debt review are settled, your debt counsellor will issue a Debt Review Clearance Certificate (Form 19).
This certificate serves as official proof that:
- You have successfully completed the debt review process
- You no longer have any outstanding debts under debt review
- Credit bureaus will remove your “under debt review” status
The clearance certificate is essential for restoring your financial reputation and re-entering the credit market responsibly.
2. How Long Does It Take to Get a Clearance Certificate?
The timeline depends on your debt counsellor and creditor confirmations:
- No delays: Certificate can be issued within a few weeks
- With delays: Disputes or administrative backlogs may extend it to a few months
Tip: Maintain regular communication with your debt counsellor and submit all requested documents promptly to avoid delays.
3. Updating Your Credit Record
After issuing your certificate, your debt counsellor submits it to the National Credit Regulator (NCR) and all major credit bureaus.
Credit bureaus are then required to:
- Remove the “under debt review” status from your record
- Update your credit profile, usually within 21 business days
Following up ensures your credit profile reflects your updated financial status accurately.
4. Rebuilding Your Credit Score
Even after debt review, your credit score may remain low due to previous financial difficulties.
Steps to rebuild effectively:
- Check Your Credit Report: Confirm your profile is updated correctly
- Use Credit Responsibly: Start with small accounts or low-limit credit cards
- Maintain a Good Payment History: Pay all future debts on time
- Avoid Excessive Debt Too Soon: Borrow only what you can comfortably repay
Responsible credit usage helps gradually restore your financial credibility.
5. Staying Financially Disciplined
Completing debt review gives you a fresh start, but staying debt-free requires:
- Setting up a budget
- Building an emergency fund
- Planning for long-term financial stability
These steps prevent falling back into debt and support sustainable financial health.
Final Thoughts
Completing the debt review process is empowering and restores your financial freedom. By:
- Obtaining your Debt Review Clearance Certificate
- Ensuring your credit profile is updated
- Practicing responsible financial habits
…you can enjoy a healthier financial future.
If you are barely scraping by and you have to make impossible decisions of choosing between paying your home loan (or rent) or putting food on the table, life can become overwhelming. This does not mean you have reached the end of the road. Sometimes all you need is just a little breathing space.
This is where our Debt Rescue Potential Monthly Savings Calculator and debt review guide steps in and saves the day.