If my unsecured debt is paid off under debt review, what happens with my bond?
Once you have finished paying off your unsecured debt, settled your vehicle finance account/s and your home loan account is up to date, you will qualify to receive a clearance certificate. All DebtBusters requires are the paid up letters which prove all the accounts included under debt review are now settled.
Once DebtBusters has received confirmation that all the accounts are settled and your home loan account is up to date, a clearance certificate will be issued which will be sent to the credit providers and the credit bureaus so that the ‘debt review’ flag will be cleared from the client’s profile.
Clients are then responsible for maintaining their normal home loan repayments. It is important to communicate to a DebtBusters debt counsellor if you do not feel you have the ability to continue paying your bond on your own so that they can assist with budgeting tips to keep your financial situation in good standing.