06 Jan How to Conduct a Debt Review Status Check

Debt review status checks are integral to knowing whether you can apply for credit, are blacklisted, or may be at risk of not being able to work in finance positions.

This series of letters and numbers are indications of your position in the debt review process on your credit profile. Under the National Credit Act, lenders may not loan you money if you’re under debt review in case you accrue more debt and endanger them and yourself.

To conduct a debt review status check, you must request a copy of your credit report. Your debt review status code should be listed under the public records section alongside judgments, sequestrations, defaults, and other derogatory marks. Usually, your profile will have a flag reporting that you’re under debt review, with a letter and/or number on it ranging from A to F.

Let’s explore the particulars of how to conduct a debt review status code check and their meanings.

Steps to Conducting a Debt Review Status Check for Beginners

To check your debt review status code, you must request a copy of your credit report. You can do this for free multiple times a year, as South Africa’s National Credit Act (NCA) mandates that all credit bureaus (such as Transunion, XDS, Experian, etc.) must provide you with one free copy per year.

Request a Credit Report

Go to your bureau of choice’s website and request a credit report. With your credit report in hand, scan for the public records section. This might have a different title depending on the bureau. You’ll be able to spot it by noticing what’s listed under it – items like sequestration, defaults, administration orders, and adverse accounts.

Look for the Status Code

Notice the row that reads debt review or debt review status – there’ll be a code: A, A1, B, C, D3, D4, G, G1, F, or F1. Using this code, you’ll be able to ascertain how far along someone in the debt review process is.

What Do the Debt Review Status Codes Mean?

The codes have different meanings depending on where you are in the debt review process.

A

Code A is placed on your profile when you’ve applied for debt review and are being assessed for over-indebtedness using Form 16. If you exit debt review before the assessment is complete, code A1 is placed on your profile.

B

If you’re not over-indebted, your profile gains a code B.

C

When you’re declared over-indebted, code C will be loaded onto your credit profile and the debt help system.

D

When the debt re-arrangement process and negotiations start, your profile obtains code D3. When the Magistrate’s court is happy with the arrangements made, your profile will get a D4.

G

If the Magistrate’s court decides you’re not over-indebted, your code is replaced with G1. Should you not keep up with credit repayments or can prove yourself no longer over-indebted, the court can rescind its order, in which case a code G is placed.

F

Once you’ve paid off all outstanding debts except your bond, you’ll land a code F1. If you’ve paid all debts including your bond, your profile obtains a code F. In both cases, you can dispute the debt review flag from your profile and apply for credit.

Why Choose Debt Review?

If you can’t make credit repayments or struggle to afford day-to-day life, consider debt review. You’ll gain lower repayments, reduced interest rates, legal protection, and keep your assets safe. Contact True North Debt – be debt-free!