I am grateful that debt review helped with not getting my cars taken away from me by the banks.
However, I am facing a lot of stress because the cars I am driving are more than 5 years old. They are out of a motor plan. They have now become very expensive to maintain. I have to pay my monthly instalments and I still have to pay for car servicing etc.
My request was, that I find a new car at the same value of my current car. It’s evident that I can afford my current instalment. Then why not all me to have a new car?
I am really stressed because I feel like I have dug a whole that I cannot come out off. I really feel it is better if this car was repossessed instead of throwing money at a car that might break down anytime.
Firstly, the reason why you cannot apply for a new car is that the National Credit Act prohibits a consumer from entering into a new credit agreement whilst under debt review.
If your car can be serviced and reliability restored you should do that. Alternatively, you can sell the car and simply settle the outstanding balance with the proceeds of the sale. You can then look at a sort of vehicle rental agreement. Examples of companies who do this would be http://www.easyvehicles.co.za.
Just make sure that the vehicle rental company actually assists consumers who are under debt review. Whatever you do, you will need to discuss it with your debt counsellor who will take matters up with your credit provider. There are options available, especially if your vehicle is critical to your livelihood.