My car or property is about to be repossessed...what now?
When you are in arrears with your accounts the two most important assets you will want to protect is your car and your house. If you allow these assets to be repossessed by the bank, those cars and assets will be sold on auction. The reality of auction repossession sales is that there will always be a shortfall. This means that you as the account holder will still be liable for the amount in shortfall.
Lets say your property has a bond valued at R850 000 and this property only gets a bid of R500 000 on auction, you will still be liable for that shortfall of R350 000. The same goes for vehicles and other loose assets. Let me be very honest with you guys. If you don’t have the money to pay for your property or vehicle and it gets repossessed, where will you get the money to pay the shortfall? Worst of all you will still have to pay for something that you no longer own.
What can we do to help you prevent repossession of vehicles and property?
Help with Debt is registered with the NCR to be debt counsellors. We are able to stop all legal action against you and prevent the repossession of vehicles and property. Should you apply for debt counselling and debt review, we will lower your current payments on all your debt so that you can afford to pay it and keep all your assets.
You don’t need property to apply for debt counselling and debt review in South Africa. All you need is to be able to show income and have debt. Most importantly, you must have the desire to pay off all your debt as per the restructuring proposal that the debt counsellor will provide you with.
If you face vehicle or property repossession, please contact us as soon as possible and allow us the opportunity to give you free advice on how you can prevent the repossession.
Looking forward to hear from you.
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