I asked my debt councillors if they are able to help to motivate me trading in my car and getting a cheaper vehicle with a monthly instalment much lower than what I am paying now.
They obviously responded that I can get vehicle finance however advised on the following “should you want to trade in your vehicle with Wesbank for a new one that’s fine as you are not taking out credit it’s basically giving one vehicle for another.”
I need to know how true this statement is?
Unfortunately, this is not true.
When you are under debt review you are not allowed to enter into any new credit agreements.
Trading in your vehicle for a new vehicle will mean that the bank will issue a new credit agreement, which is not allowed while being under debt review.