I just want to find out if there are chances that my car can be repossessed when am under debt review and my car is been financed by the bank.
How and when do the bank reposes the car if a someone is under debt review?
Thank you for the question
The debt review process has been specifically designed to allow consumers to repay their debt, home loans and vehicle financing included, without losing their assets.
Once you enter the debt review process all credit providers are prohibited from taking further action against you on the accounts that are included in the debt review.
Thus, your car cannot be repossessed by credit providers whilst you are under debt review. The only way that credit providers are allowed to take your vehicle is if you sign a letter in which you basically voluntarily surrender the vehicle, or if they can present you with a legitimate court order of the high court.
Those are the only ways through which your vehicle can be taken away.