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During your Debt Review, Debt Counselling and Debt Consolidation journey you will come across certain terms. Use our Debt Review vocabulary below to learn what these terms mean and empower yourself to navigate the program better.

Form 16

Also known as your Debt Review Application Form.

The National Credit Act (NCA) requires you to complete this form in order to apply for Debt Review. It contains your personal information, as well as the details about your overall financial situation. Your Debt Counsellor will verify the information through documented proof from you and your creditors.

Form 17.1

After your Debt Counsellor receives your Application Form (Form 16) they are required by the National Credit Act to inform the credit bureaus and your credit providers that you have applied for Debt Review.

This is done by issuing a Form 17.1 and will be submitted to your credit providers within 5 business days after your completed Debt Review Application Form has been received by your Debt Counsellor.

Form 17.2

Once your Debt Counsellor has evaluated your financial situation and has found that you qualify for Debt Review, your Debt Counsellor will send out Form 17.2 to your creditors and the credit bureaus.

Form 17.2 states that your Debt Counsellor has found you to be over-indebted as defined by the National Credit Act and that you qualify for the Debt Review program.

This form is sent to your credit providers and the credit bureaus within 30 business days after your debt counsellor has received your application.

Form 17.4 / Form 17.W

Also known as the Cancelation Form

This is the Debt Review Cancelation Form as required by the National Credit Act. A debt review can be cancelled for various reasons, voluntarily or involuntarily.

Cancelling the Debt Review has certain consequences. These are as follow:

  • A cancellation fee of 75% of the debt restructuring fee is payable if you have not yet paid your first instalment and your repayment plan has been calculated.
  • The original credit agreement is restored, and your credit providers are free to proceed to enforce their rights. This could lead to immediate legal action against you.
  • You will not receive your Clearance Certificate that clears your credit record.
  • It will be much harder to apply for Debt Review in the future.

Form 19

Also known as your Clearance Certificate.

You will receive your clearance certificate when:

  • All your accounts listed under Debt Review have been settled.
  • You are able to carry on with the original agreements you have with your creditors.
  • All your accounts are paid up, except for your home loan (your home loan must be paid up to date as per your Debt Review agreement).

Your clearance certificate will be sent to your credit providers and credit bureaus, who are then required by the National Credit Act to clear your credit record.

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