The simple answer is no.
Debt review remains on your credit records until it is formally removed. Whether you wait 5, 7, 10 or even 20 years, it does not simply disappear by itself.
There are prescribed exit mechanisms from debt review. These are either through a Clearance Certificate or a Court Order.
Even if a Debt Counsellor were to suspend the provision of debt review services and issue a Form 17.W, the debt review flag itself will remain on your credit records. This means that you will still not be able to be credit active.
If I Pay Off All My Debts, Am I Automatically Removed from Debt Review?
Again, no — not automatically.
Once you have paid up all your debts, you will need a Debt Counsellor to issue a Clearance Certificate.
Without a Clearance Certificate, you will still be flagged as being under debt review, even if all your debts have been paid in full.
It is therefore not advisable to wait several years in the hope that your debt review status will automatically be removed from your credit records, because it will not simply disappear with the passage of time.
If you have paid up all your (short-term) debts or believe that you shouldn’t be under debt review anymore, there may be an appropriate mechanism available to formally exit debt review.
Complete our online application for professional assistance with a Debt Review Clearance Certificate or Debt Review Removal Court Order.