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Cancelling Debt Counselling with Mortgage Loan

Questions & AnswersCategory: Debt ReviewCancelling Debt Counselling with Mortgage Loan
Sean asked 5 months ago

Good day,

I would like to ask the following question. I am currently under debt review. Recently I inherited my mother’s house and there are a number of reparations that need to be made, as a result of me being in debt review I am unable to take on credit from any institutions.

Is there a possibility that I could take on a mortgage loan to cover my outstanding debt through the debt review and still have enough money to repair my house, and by doing this consolidate my debt into just paying the mortgage loan off.

Regards

1 Answers
Carien Kruger Staff answered 5 months ago

Good day,

You will not be able to take on a mortgage loan.

According to the National Credit Act (NCA), you are not allowed to enter into any new credit agreements while being under debt review.

Once all your debt has been paid in full or if you have been declared to be not over-indebted the listing will be removed from your name and you will be allowed to enter into new credit agreements.

Kind regards