What is an administration order?
Once placed under administration, the consumer is not allowed to enter into new credit agreement with any credit provider. The Credit Providers are also prohibited by law to grant any credit to any consumer who is under administration. The Administration Notice will be displayed on the Consumer’s Credit Profile for 5 years. However the good news is that the consumer can apply to have the Administration Order rescinded before the 5 years retention period expires, regardless whether the outstanding balances of the creditors’ accounts are settled or not. If you rescind the administration before the balances of the credit providers are settled, you are still responsible to make payment arrangements with them. You do not need the permission of the Administrator to rescind the administration order!
Rescission of Administration Order:
In order to have the administration order rescinded, the consumer must make an application for this purpose in the very same magistrate court where the administration order was granted. The process for the rescission of the administration order is not complicated but requires strict adherence and compliance with the court processes and procedures, therefore a basic knowledge of the court process and application procedure is required, otherwise the services of a professional or attorney will come handy at a fee.
Removal of Administration Order from Credit Record:
It is important to know that even once you have paid the creditors placed under administration in full, the administration order will not automatically be removed from your credit record. You still need to go to court to rescind the administration order and obtain a 74Q Rescission Court Order. This rescission court order can then be submitted to the credit bureau and the Administration Notice will be removed from your Credit Record within 20 days. Once removed you can now be able to apply for credit facilities again.
Credit Rescue can assist with the rescission of administration and clearance of the administration notice from your credit records.