Cancellation of a residual claim

If you have a residual (unsecured) claim after a forced sale auction, payment adjustment or sale of an over mortgaged property, you can apply for cancellation of the claim after 3 years.

Application

The application must include:

• Tax returns for the last 3 years.

• Last assessment slip from the tax office.

• A statement of why you are applying for cancellation.

Following the application, you will need to undergo a credit rating.

A HMS consultant will assess the application and then it will go before the HMS loan committee which has to confirm the decision. Once a decision has been made you will be notified by email that the result is available on HMS My pages.

Application approved

If the application is approved the claim is cancelled. The cancellation may be subject to conditions such as you having to pay a certain one-time payment or a certain monthly amount for 12 months.

Application denied

If an application for the cancellation of a residual claim is denied, you will receive an email with information on the reason for the rejection. If any data is missing you can apply for a revision and provide new information.

If you disagree with our decision, you can appeal your case to the Welfare Appeals Committee.