If you have successfully undergone a debt check, you must obtain a formal release certificate so that your name is not marked and removed from the debt check. A debt check is also an option, but if you owe a large amount on your mortgage, it means you’ll stay under debt review for many years. Yes, if you are in a debt check, you can sell your house.
Can I be excluded from the debt check?
After all, whether you can obtain financing after your debt review status has ceased depends on the general status of your credit report. Once there is a court order for the debt review, a consumer cannot end the debt review process or withdraw from it. However, because debt can have positive or negative effects, it is usually classified as either good or bad debt. I would like to know if it is possible for a person to be removed from the debt check even if not all debts have been paid in full.
Can I buy a house in South Africa after the debt check?
Unfortunately, it would be against the law under the National Credit Act to provide you with more loans during the debt review. After that, it is up to the creditor to decide whether or not you qualify for loans from their financial institutions. Lenders who decide whether or not you’re eligible differentiate based on your credit profile with credit agencies such as TransUnion and Experian. It is also advisable to have your ITC records deleted after the debt check so that banks do not reject your application in the future.
As a result, your customers have repaid all their debts as part of the debt review. You’re free to take out loans again and are allowed to buy a house, car,.
References:
- Ultimate Debt Review Guide (2022) – Everything you must know
- What to Do Before Selling a Home to Pay Off Debt
Barry Ritholtz is a renowned finance expert, author and blogger. With over 30 years of experience in the financial industry he has gained a reputation as a thought leader and influencer in the investment community.