Rescission of a court
What is Rescission of debt review court Order?
Rescission of a court order is whereby a consumer has a granted debt review court order and his/her financial status has changed and he can afford to pay according to his original credit agreement.
When can a consumer qualify to be declared no longer over indebted? A consumer can qualify for early debt review removal if he/she is no longer over-indebted or whereby a client has consented to a debt review application but cancelled prior to a debt review court order being granted. A Magistrates Court needs to declare the client no longer over-indebted based on the change of financial status.
Both instances require that the Debt Counsellor re-evaluates the financial status of the consumer to prove that he/she is no longer over-indebted. Once the application is made, The courts will decide whether to grant the rescission or not. Once the court order has been granted, the Debt Counsellor will be required to update the NCR debt help by removing your name from the debt review status. All credit bureaus and creditors alike will be notified to remove the debt review status from consumers’ profile.
Documents required for a rescission of a granted court order in a magistrates court: 1 - The Debt review court order – to be provided by the debt counselor 2 - The reason why you want to be removed from debt review 3 - Latest statement summary from the PDA with payments to date. 4 - COB from the debt counselor 5 - Employment status currently 6 - Paid up accounts/letters. 7 - Proof of address.