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

Surety and Debt Review

Questions & AnswersCategory: Debt ReviewSurety and Debt Review
Anonymous asked 2 years ago

Can a creditor claim surety from me if I’m under debt review?

1 Answers
Wikus Olivier Staff answered 2 years ago

Hi there,

Thank you for your question. 

Surety cannot be claimed when you are under debt review.

The credit providers have no other choice but to participate in good faith in the debt review. When the debt review timelines and instalments are not adhered to, they can terminate the debt review and then would be able to claim the surety that you put up for the credit.

Most likely they would start the litigation process immediately if they terminate the debt review legitimately. It’s therefore important that you keep up your debt review repayments and make sure that all is in order with your debt counsellor.

Hope this information helps.