No, you won’t! Debt review is designed to protect your home and vehicle, but the outcome depends on your individual circumstances.
What Factors Affect This?
- Section 129 Letter: If your credit provider has sent you a Section 129 notice, you have 10 working days to apply for debt review before legal action proceeds. Acting quickly can help safeguard your assets.
- Summons Issued: If a summons has already been issued for your home loan or vehicle finance, the situation becomes more complex. However, a debt counsellor can still explore possible solutions.
- Number and Type of Vehicles: If you own multiple vehicles, only essential ones (such as a primary car for work and daily transport) are prioritised. Luxury items like quad bikes and jet skis may need to be returned to the bank.
- Your Cooperation: Sticking to the debt review process and maintaining your repayment plan ensures that your assets remain protected from repossession.
Choosing debt review puts you in a stronger position to keep your home and vehicle while managing your financial obligations. Debt Review provides legal protection against creditors and helps you restructure your repayments affordably.
If you would like to understand the debt review process in more detail, check out our blog post: Will I lose my house or my car if I am under debt review?
