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Selling House to Settle Vehicle Finance

Questions & AnswersCategory: Debt ReviewSelling House to Settle Vehicle Finance
Anonymous asked 3 years ago

Hi.

I went under debt review in October 2015. However, due to various factors ( including me losing my job earlier this year  (UIF claims already finished) and the DC not being completely transparent about the entire process -stuff they don’t tell you in the ‘fine print’), the whole process has turned into a living hell. As a result I am in consultation with estate agents to have my house put up for sale.
My questions are as follows:

  1. Once I have signed a mandate with an estate agent and the ‘for sale’ sign goes up, would it still be possible for the bank to repossess if the debt review payments are not met, but I have written proof that the house is on the market.
  2. Also, I want to use proceeds from the house sale to settle my car. Without a car I cannot attend job interviews etc. – so that for me is my ‘life or death’ focus right now.
  3. Can I pay the vehicle instalments (which are way less than the monthly debt review amount) directly to the finance house while under debt review?

Having said all of the above, my family and I are tying ourselves in knots to ensure the debt review payments are met timeously while the house is for sale – we are not that irresponsible to ignore legal processes etc. I’m trying to inform myself of the consequences should my situation deteriorate even further.

Thank you.