skip to Main Content
NCR
REGISTERED DEBT COUNSELLORS
PFA
PUBLIC FAVOURITE
AWARD
SAIFF
CERTIFIED
PARTNER
0861 100 999 | Mission Control - Login

Purchasing a Car during Debt Review

Questions & AnswersCategory: Debt ReviewPurchasing a Car during Debt Review
Anonymous asked 3 years ago

I am under debt review. The company I work for is giving me a car allowance and fuel allowance from January to do my job, which is selling. How would I go about purchasing a car?

 

 

1 Answers
Matthys Potgieter Staff answered 3 years ago

Hi there.

Thanks for the question.

Unfortunately, the National Credit Act prohibits you from incurring any further credit while you are under debt review. We suggest that you play open cards with your employer and instead of them giving you a vehicle allowance, ask them to rather purchase the vehicle in the company name and use your allowance to pay for it. Explain to them why you will not be able to obtain vehicle financing.

Another way might be to approach a family member or friend and ask them to assist by buying the vehicle on their name and you just simply pay the instalments – moving the vehicle over to your name once it has been paid off.

Kind Regards