How Long Does Debt Review Last?

Ever wondered how long you’ll be riding the debt review rollercoaster? Buckle up, because we’re about to make this journey fun, informative, and sprinkled 🎠✨

The Short Answer: 3 to 5 Years! ⏳

Most people stay under debt review for 36 to 60 months-that’s 3 to 5 years in plain English. But just like your favorite series, the length of each person’s debt review “season” can vary depending on a few plot twists! 📺

What Affects Your Debt Review Timeline? 🕵️‍♂️

Here’s what can speed up or slow down your debt review journey:

• How much debt you have: More debt = longer ride. 🎢

• Your monthly payments: The more you pay, the faster you finish! 💪

• Interest rates: Lower rates can make the journey shorter. 📉

• Changes in your finances: Got a bonus? You might finish early! 🎉

• Sticking to the plan: Missing payments can add extra laps to your ride. 🚦

Can You Get Off the Ride Early? 🚀

Absolutely! If you come into extra cash (hello, lotto win or work bonus! 💰), you can pay off your debts sooner and get your clearance certificate early. No penalties for finishing first-just bragging rights and a debt-free badge! 🏅What Happens When You’re Done? 🎊

Once you’ve paid off your debts, your debt counsellor will give you a clearance certificate. This magic paper tells credit bureaus you’re debt-free and wipes the debt review status from your record. It’s like hitting the reset button on your credit life! 🔄18

Quick Tips to Speed Up the Process 🏃‍♀️💨

• Stick to your payment plan like glue! 🧲

• Avoid taking on new debt (seriously, don’t do it). 🚫

• Communicate with your debt counsellor-they’re your financial sidekick! 🦸‍♂️

• Pay extra when you can, even if it’s just a little. 🪙

In a Nutshell… 🥜

Debt review is your ticket to financial freedom, but the journey usually takes 3 to 5 years. Stay committed, make those payments, and soon you’ll be waving goodbye to debt review and saying hello to a fresh start! 👋