If my husband and I are married in community of property is it better for him to also apply for debt review?
What happens when one of us dies? Will one of us still be liable for the payment? Or will it be covered by insurance like the banks?
Can we pay it off quicker if we get money somewhere and will you give a discount if it is settled at once?
Thank you for your question.
When married in community of property both parties need to apply for debt review. Your husband can be the main applicant but you as the spouse will also be under debt review as this is referred to as a joint application.
It is always important to plan ahead and for the unforeseeable future when entering debt review. Our advice will be to make use our Credit Life Insurance as part of your debt review. The benefits of our Credit Life Insurance include the following and are only available to DebtSafe clients:
- Retrenchment Cover:
Your debt review instalment is paid for up to 9 months while you are looking for a new job.
- Death Cover:
Your Debt gets settled in the case of death, keeping things hassle-free for those you leave behind.
- Critical Illness & Disability Cover:
Your Debt is settled so you can focus on your own wellbeing.
- Maternity Benefit:
Your debt review instalment is covered for up to 3 months when you are on maternity leave.
- ID Theft Protection:
A lump sum is paid to you to assist while you are sorting things out.
When you are in a financial position to settle your debt earlier during the debt review process you can speak to your DebtSafe Relationship Manager. They will obtain the current outstanding balances from your creditors and handle the settlement and or additional payment process on your behalf. Once all your debt under debt review is paid up your will be issued with a Clearance Certificate as proof that you successfully completed the debt review process.