What is a Clearance Certificate?

I have settled my debt, now what?

It is important to know what steps to follow when settling your debt in full.

To be eligible for a clearance certificate all unsecured debt must be settled including your vehicle account.

Please note: Your home loan does not need to be paid up, however, the account will need to be up to date with no arrears and contractual installment to follow until the home loan is paid up.

Your debt counsellor should follow the below:

Call your credit providers to confirm the last payment was received and accounts have been settled.
Obtain all paid-up letters from your credit providers.

Your debt counsellor can now proceed to issue you with a legal document called a Clearance Certificate also known as Form 19. A Clearance Certificate will be sent to you and the credit bureaus who will be responsible for updating their records to show that the consumer has completed the debt counselling process.

It takes up to 21 business days to update all information at the credit bureaus. While you are in the process, it is important to keep up with your monthly payment.

If you have any further questions kindly send an email request to queries@vantagedebtmanagement.co.za or give us a call on 021201743.