I heard that when you are under debt review, the bank cannot take your house and car for a certain time period, is this correct or not?
Thank you for the question.
Yes, it is correct. One of the benefits debt review offers is protection from your creditors for your assets (like your car and home). As long as the terms of the debt review is adhered to you will stay protected for the duration of the debt review.
During your debt review, you might find that some creditors still harass you regarding your debt. Don’t let them rattle you. Rather, fill out a credit incident report and send it to your debt counsellor. This will help your debt counsellor to monitor your creditor’s participation in your debt review. This counts for any type of communication, whether it’s phone calls, emails, letters or text messages. Your debt counsellor will then contact your creditor to sort out the matter.
Have a great day.