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Protecting Assets During Debt Review

Questions & AnswersCategory: Debt ReviewProtecting Assets During Debt Review
Anonymous asked 3 years ago

My wife just bought a new car. She needs to go under debt review with me.
Will she lose her car?

1 Answers
Matthys Potgieter Staff answered 3 years ago

Hi there,

Thank you for your question.

When you’re part of the debt review process, credit providers can no longer take legal action against you on arrears accounts. This protection also extends to secured debts such as home loans and vehicle finance. Because the credit providers are prohibited from taking legal action, your assets (in this case a vehicle) are also automatically protected from being repossessed and sold on auction. This is one of the greatest benefits of debt review. 

If you would like a DebtSafe team member to contact you for more information you are welcome to fill out our online contact form found here: http://debt-safe.co.za/ 

Have a great day.