I am married out of comunity and I am thinking of debt review. I do not want my husband to know about my debt situation. We have bought a house together, the house is on both our names but my husband pays the installment every month. Will they be able to take our house if I am under debt review even if the payments are up to date every month and the house will not be included in my debt review. I am scared of this as we have our home finance through ABSA and one of my creditors that I want to put under my debt review for my personal loan is also ABSA.
If you are under debt review and make the required payments as per the debt re-arrangement order, your house cannot be repossessed. The National credit Act prohibits credit providers from taking further action against a consumer who is under debt review.
Furthermore, when you apply for debt review the National Credit Act prohibits the debt counsellor to exclude any debt from the debt review. The debt counsellor must look at ALL the consumer debt, even the debt where other parties are involved. Thus the loan you made to buy the house must be included.
The only way for you to exclude the home loan would be for your husband to take the credit agreement completely on his name and remove you from the agreement. That is also easier said than done. if your husband is also party to the home loan he will have to consent and he will know about the debt review.
finally I would like to urge you to talk to your husband about your situation. He will find out some how. I’ve seen it many times through my dealings with consumer debt. the debt can never stay hidden. Keeping it secret will just make the situation worse and will just add additional and unnecessary stress on you.