Will I lose my house or vehicle when I am placed under Debt Review?

No. In fact, Debt Review however save your home and vehicle. However, this will depend on your unique circumstances. Factors that will determine this includes:

  • Have you received a Section 129 letter from your Credit Provider; and, if so, how long ago? If you receive a Section 129 letter from your Credit Provider, you will have 10 working days to obtain the services of a Debt Counsellor, who will endeavour to save the asset.
  • Have you been served with a summons in respect of your mortgage bond or vehicle finance?
  • How many vehicles do you have and what are they used for? For example, quad bikes and jet skis may be regarded as luxury vehicles, therefore, may have to be returned to the bank.
  • Are you giving your full cooperation in the program?
  • The bottom line remains that you will always be in a better position to keep your home and vehicle while you are under Debt Review, rather than trying to fight off the Creditors yourself.
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