Obtaining a clearance certificate is the final step. This certificate not only symbolizes the completion of the process but also marks the client’s journey back to financial freedom.

Here’s a clear breakdown:

1. Confirmation of Full Payment: The client informs the debt counsellor that all listed debts (excluding any ongoing accounts like a home loan if specified) have been paid in full, according to the repayment plan.
2. Verification by Debt Counsellor: The debt counsellor contacts all credit providers to confirm that the debts have indeed been settled. This step ensures that no outstanding balances remain.
3. Issue of Clearance Certificate: Once the debt counsellor verifies that all obligations have been met, they issue a clearance certificate to the client. This certificate states that the client has successfully completed their Debt Review process.
4. Notification to National Credit Regulator: The debt counsellor sends the clearance certificate to the NCR. The “Debt Review” flag is then removed from the client’s credit profile, restoring their ability to apply for credit.
5. Record Updated: The National Credit Regulator (NCR) is also notified, ensuring that their records are updated to reflect the client’s completion of the Debt Review process.
6. Proof for Future Use: The client keeps a copy of the clearance certificate as proof of their financial recovery, should they need it in the future.