Short Answer: Before your car gets repossessed, your credit provider will send a representative to meet with you to make arrangements for the amount you owe. If you cannot afford to pay back the amount, your car will be taken. Here are a few ways you can mitigate this:

Read more Answer
1. Speak to your credit provider

A proactive approach may be the best way to avoid repossession. Try to negotiate an alternative arrangement, such as selling your vehicle yourself or surrendering it.

2. Settle the outstanding amount

This is the ideal option. However, you may find yourself in this very situation because you can’t afford your payments. If you are able to settle the outstanding amount, do so to avoid repossession.

3. Reinstate the loan

Ask your credit provider if you can reinstate the loan. This way, your missed payments will be integrated into the settlement value. Keep in mind that you may pay more on interest fees in the long run.

4. Apply for debt review

If you’re struggling to make ends meet, debt review may be the best solution for you. Debt review is a legal process introduced by the National Credit Act to prevent consumers from being blacklisted and having to deal with the consequences thereof.

If you apply for debt review and your application is successful, a National Credit Regulator (NCR) registered debt counsellor will assist you with:

Restructuring your debt so you only pay one affordable monthly debt repayment
Communication with your credit providers
Negotiating with credit providers for reduced payments
Legal protection

Debt review protects you from losing your valuable assets, such as your car, provided you apply before it’s too late. As soon as you apply for Debt Review at Debt Wise Group, your creditors are notified that you are under debt review within 5 days. They must, by law, communicate with Debt Wise Group and stop all communication with you.

A: When you are married in community of property, you and your spouse share the risks and the benefits of a joint estate. No asset can physically be divided and you and your spouse will share equally in the profits and losses regardless of your financial contribution.

Read more here

A: Yes, and on condition both names appear on all documentation and there is consent by both parties. That includes the document, listed below.

A: When you go under Debt Review the NCR list you us Debt Review on the National Credit Bureaus, it will have an effect on the common estate and therefore it is advisable that consent is received from the spouse. Both spouse’s income and expenses will be taken into consideration.

A: No, it’s not required as the consumer’s are married out of community of property, but the consumer’s expenses must be divided proportionally with his/her spouse’s if the spouse receive an income.

A: Then the legal implication is that in the application of the consumer who applies for debt review, the 2^nd applicant to the bond contribution towards the bond must be declared, but this will not affect his credit records at all and he will not be placed under debt review

A: Yes, only as Debt review! But your name will be cleared as soon as all the debt under Debt review is settled in full and the debt counsellor issues you a clearance certificate.

A: Yes, a cheque account is seen as credit facility and it can happen that sometimes that cheque accounts are frozen by banks, and if your salary is paid in that bank account the bank can use the money on arrear accounts, however we can always get the funds cleared it will only take 3-5 working days.

A: When a summons has been issued and received by the consumer.

A: We will include these debts in your proposals as a statuary deduction, to make provision for payment and or reach agreement with attorneys for debt repayment depends on the credit provider.

A: Then our Attorney can bring an application in court to minimize the monthly instalments.

A: The Credit Provider cannot black list you if you are under Debt review.

A: No, the Consumers have protection under the credit Act.

A: Loans and other credit from banks, including mortgages, overdrafts, credit cards, vehicle finance and any other personal finance. Furniture finance, clothing accounts and any other type of credit from retailers. Micro-loans and pawn transitions, any other type of credit or loan provided to a consumer.