When can I access credit again after exiting debt review?
I have been under debt review for a year. I am supposed to remain under debt review for four years but I think I will be able to settle all my debts by next year. Once this is done, how long will it take me to buy a car or a house?
City Press replies:
You can only exit debt review once your debts are paid. Then you are able to apply to the courts to exit debt review. Once that has happened, you are allowed to apply for credit again. The fact that you have been under debt review will not count against you when applying for credit. In fact, the banks would consider it a positive that you took action when faced with financial difficulty rather than waiting for legal action.
The affordability rules have tightened significantly since May 2016 so your ability to afford the new loans will be very important criteria, but if you have experienced what it is like to be overindebted, you will want to make sure that, in future, you only take on debt you can afford.