fbpx

Contact us on 031 010 0509 or send a WhatsApp to 079 376 2899.

Debt Movement helps you Understand how Debt Counselling and Debt Review can help

Can My Car be Repossessed While Under Debt Review?

One of the most common misconceptions people have about Debt Review is that they believe their assets are not protected. This is, however, not the case. Debt Review actually prevents you from losing your home, car and other assets. Under Debt Review, a person’s assets are legally protected by the National Credit Act (NCA). This means that your car cannot be repossessed under Debt Review.

There are, however, some cases where your assets will not be protected from repossession. Debt Review will not protect your assets if:

  • More than 10 business days have passed since you received a Section 129 letter of demand.
  • You have been served with a Summons relating to your mortgage bond or car finance.
  • Your Debt Review was terminated because you missed a payment.
  • Your creditors have already seized your luxury vehicles.

How Does Debt Review Work?

Debt Review, also known as Debt Rescue or Debt Counselling, is a government legislated process that forms part of the NCA which was created to help and protect people who are struggling to meet their monthly debt repayments.

Under Debt Review, your debt counsellor will formulate a new affordable monthly repayment plan by taking into account all of your income and expenses. Your debt counsellor will then negotiate with your creditors to reduce your monthly repayments (in some cases by up to 50%). Your debt counsellor will aim to ensure that your interest rates, as well as your monthly repayments are reduced, helping you pay back your creditors to become financially free within a period of 60 months or less.

Not only does the process protect your assets from debt collectors, preserving and securing your future as you begin the journey towards becoming financially free, but it also prevents your creditors from contacting you and demanding payment. They are legally required to communicate to your debt counsellors and may not contact you directly.

How can Debt Review and Debt Movement help me?

The benefits of Debt Review to you are immeasurable… Aside from the peace-of-mind that the process will bring you, other benefits include:

  • Reduced monthly repayments of up to 50% to your creditors.
  • Court-mandated protection of your assets – including your home, vehicle and funds required for essential payments (including medical aid, insurances, mobile, school fees and more) – from collectors and creditors.
  • More cash available monthly for your living expenses.
  • The provision of a manageable monthly budget to help you manage your finances.
  • Expert advice and guidance by one of Debt Movement’s debt counsellors to help you become financially free in 60 month.

At Debt Movement SA, we understand that bad debt happens to good people. We specialise in Debt Review and make it our mission to rescue people who have found themselves in financial difficulty. Our qualified debt counsellors have used the Debt Review process to help thousands of people manage their debt and find financial freedom. Let us help you find financial freedom whilst protecting your assets.