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Purchasing a House During Debt Review

Questions & AnswersCategory: Credit ApplicationPurchasing a House During Debt Review
Melicia asked 2 years ago

Good day,

If I want to apply to be under debt review…. can I purchase a house during the period of being under debt review?

1 Answers
Carien Kruger Staff answered 2 years ago

Good day,

Thank you for your question.

The National Credit Act prohibits you from incurring any further credit while you are under debt review.  

Which makes sense since credit is the main reason for our clients to become over-indebted.

The reason for this is that whilst under debt review your budget is calculated and precisely allocated to your current debt obligations and other living expenses.

But once the debt review program has been successfully completed you will have a fully restored credit record, and will then be able to apply for a home loan.

Kind regards.