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Will I lose my assets if I’m under Debt Review?

Will I lose my assets if I'm under Debt Review?

Fortunately, not!

One of the numerous benefits of the debt counselling process is that your assets, such as your home or your car, are protected against repossession under the national credit act (NCA). 

When you are under the Debt Review process, your debt counsellor takes on a role as the go-between for you and your credit providers, which means your credit providers will not disturb you or hassle you with unending telephone calls for payments.

This is great! Your assets are protected and you have reduced payments and decreased interest rates to pay back. But unfortunately, there is a catch. If you have been presented with a Section 129 notice or a Letter of Demand and you do not apply for debt counselling within 10 days of getting the notice, you do not fall under the protection of the NCA and you may be in danger of having your assets repossessed.

Avoid repossession, sign up for Debt Review today.