top of page

Protection of Your Assets

Debt and Your Assests

When you're struggling with debt, the possibility of losing your home, car, or other possessions can be a major source of stress.

Fortunately, debt review not only provides a way to manage your debt but also protects your assets from legal action and repossession.

Here is everything you need to know about how debt review can safeguard your assets and secure your financial future.

What is Considered an Asset? 

Assets refer to any valuable possessions you own, including:

  • Your house or apartment (property)

  • Your vehicle

If you can’t afford to pay your debts, you risk creditors repossessing these assets through legal action or selling them at an auction.

Debt review offers legal protection against these risks.

How Does Debt Review Protect Your Assets?

1. Legal Protection Against Lawsuits and Repossession

Once you’re under debt review, your creditors are no longer allowed to take legal action against you.

 

This means:

  • No threatening calls from debt collectors.

  • No court summons.

  • No repossession of your house or car.

2. Your Monthly Repayments Are Reduced

Your debt is restructured into one affordable monthly payment based on what you can afford. This helps you meet your obligations without losing your assets.

3. Your Home Remains Your Home

If you fall behind on your home loan, the bank can auction off your property. Debt review helps restructure your home loan into an affordable repayment plan, ensuring you still have a roof over your head.

4. Your Car Stays Yours

Your vehicle is essential, especially if you need it for work or family responsibilities. Debt review helps restructure and reduce your payments so you can keep your car and not be left without transport.

5. No Blacklisting Risk

While under debt review, you cannot take on new debt. However, this does not mean you are blacklisted. Once your debt is settled, your name is removed from the credit bureau’s register, and you can apply for credit again.

Factors That Can Affect Asset Protection

While debt review offers legal protection, the outcome depends on your unique circumstances.

 


Key factors include:

  • Section 129 Notice

​

  • You Already Received a Summons

​

  • Your Full Cooperation in the Debt Review Process is Required

Image by Ricky higby

1.  Section 129 Notice

If you receive a Section 129 notice from your credit provider, you have only 10 working days to consider debt review before further legal action can proceed.

2.  Have You Already Received a Summons?

If a court has already issued a summons against you, it’s crucial to act immediately, as debt review may not always stop an existing court case.

3.  Your Full Cooperation in the Debt Review Process is Required

This includes:


✔ Providing the necessary documentation.
✔ Making your payments on time every month.
✔ Maintaining ongoing communication about your financial situation.

Frequently Asked Questions About Asset Protection and Debt Review

1. Can I sell my house while under debt review?

Yes, but you must inform your debt counsellor and credit provider. 

2. Can debt review protect my business assets?

No, debt review only protects personal debt, not debt in a company or business.

3. What happens if I don’t stick to my debt review plan?

If you fail to make your monthly debt review payment, your creditors can take legal action again and repossess your assets.

Why Skuldhulp is Your Best Option to Protect Your Assets

Skuldhulp is proud to assist AfriForum members and other South Africans with legal and effective debt review services. 

Debt review offers:

  • One affordable, consolidated monthly payment.

  • A structured debt plan that fits within your budget.

  • Protection of your home and car from repossession.

  • No aggressive debt collection from creditors.

  • Your living expenses covered.

  • Immediate financial relief.

Don’t Lose Your Assets – Get Help Today!

If you’re struggling to pay your debt and worried about your home or car, don’t wait until it’s too late.

 

Contact us today! We protect your assets, your family, and your future.

Skuldhulp WhatsApp Kontaknommer
bottom of page
// Function to get URL parameters function getUrlParameter(name) { name = name.replace(/[\[]/, '\\[').replace(/[\]]/, '\\]'); let regex = new RegExp('[\\?&]' + name + '=([^&#]*)'); let results = regex.exec(location.search); return results === null ? '' : decodeURIComponent(results[1].replace(/\+/g, ' ')); } // Wait for the page to fully load $w.onReady(function () { // Capture the gclid parameter and assign it to the hidden field $w('#gclid').value = getUrlParameter('gclid'); });