Short answer:
No, you won’t lose your home or vehicle just by entering Debt Review. In fact, debt review is designed to protect your essential assets while helping you manage your debts more affordably.
How Debt Review Protects Your Assets
Debt Review provides legal protection under the National Credit Act (NCA). While creditors cannot repossess your home or vehicle while you are under debt review, the outcome depends on your unique circumstances and cooperation with your debt counsellor.
Factors That Affect Asset Protection
• Section 129 Letter – If your credit provider has sent a Section 129 notice, you have 10 working days to apply for debt review before legal action proceeds. Acting quickly can safeguard your assets.
• Summons Issued – If a summons has already been issued for your home loan or vehicle finance, the situation is more complex. However, a registered debt counsellor can still explore solutions.
• Number and Type of Vehicles – Essential vehicles, such as your primary car for work and daily transport, are prioritised. Luxury items (quad bikes, jet skis, etc.) may not be protected.
• Your Cooperation – Following your repayment plan and communicating promptly with your debt counsellor ensures maximum protection of your assets.
The Advantage of Debt Review
By choosing debt review, you put yourself in a stronger position to:
• Keep your home and primary vehicle
• Manage your debts through a single, affordable monthly payment
• Avoid repossession and legal action while under the repayment plan
Debt Review is a legally protected, structured path to financial stability that safeguards what matters most.
Learn more: Check out our detailed blog post: Will I lose my house or my car if I am under debt review?
