Review
Check obligations, balances and documents.
Clearance certificates
What Happens When You Are Nearing Completion of Debt Review?
A clearance certificate is an important part of completing debt review, but it depends on the applicable legal requirements, settlement information and accurate creditor records.
Eligibility depends on the consumer’s circumstances and the statutory requirements that apply. Payment history alone should not be used to assume that clearance is automatic.
When can a clearance certificate be considered?
Eligibility depends on the consumer’s circumstances and the statutory requirements that apply. Payment history alone should not be used to assume that clearance is automatic.
Prepare for a completion review
- Request updated settlement information and identify accounts that may still reflect balances.
- Confirm that required payments and process obligations have been met.
- Gather court or tribunal documents, distribution records and creditor correspondence.
Checks that may be required
- Account balances and settlement confirmations may need reconciliation.
- Certain obligations can be treated differently under the applicable legal framework.
- Names, identity details and account references should be checked before documents are issued or submitted.
After a certificate is issued
- Relevant parties and credit bureaus may need to receive and process the clearance information.
- Keep the certificate and supporting records permanently.
- Allow reasonable processing time and follow up on records that do not update correctly.
A clear path
What the next steps can look like
Confirm
Obtain necessary settlement information.
Process
Complete the applicable clearance steps.
Verify
Check that relevant records are updated.
Frequently asked questions
Questions consumers commonly ask
Does paying the rearranged amount automatically remove debt review?
Not necessarily. Completion and record updates require the applicable checks, documents and formal steps.
How long do bureau updates take?
Processing times can vary. Keep proof of submission and follow up if records are not updated within the applicable period.
What records should I retain?
Keep the clearance certificate, payment records, settlement confirmations and relevant court or tribunal documents.
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