10 Mar How Debt Counselling Protects Your Assets

It is smart to be concerned about your personal and treasured assets when you are behind on your debt repayments. The truth is, this is a very real risk, and over-indebtedness is a very real problem for many South Africans. While no one plans for debt to spiral out of control, life demands a lot from consumers, and financial stability often feels out of reach. At True North Debt, we lead with care and are here to help you through your debt problems.

There are plenty of benefits to debt review, which offers a legal way to pay less on your debt while also keeping your valuable possessions safe. The goal of this process is to overcome debt and regain financial control in a way that adds value to your life. Let us take a closer look at how debt counselling protects your assets.

Debt Counselling offers Legal Protection

Once you are officially under debt counselling, you are instantly protected from creditors. Under Section 86(10) of the National Credit Act, creditors are not allowed to pursue any legal actions against you while you are under debt review, and this includes asset repossession. This gives you the peace-of-mind to focus fully on overcoming debt and getting back on your feet.

With the subject of how debt review protects your assets, True North Debt is by your side to ensure your valuables are kept safe. Creditors may not repossess your home or car, or sell your assets to recover funds owed. At the same time, creditors may not contact you directly to demand payments, or garnishee your salary to recover any debts you owe. As long as you maintain your newly presented debt repayment plan, all listed assets are kept safe.

Become Debt Free with our Assistance

At True North Debt, our National Credit Regulator (NCR) registered debt counsellors put your needs first. Look out for these signs you’re eligible for debt counselling, and allow our expert team to work with you on a debt recovery solution that gives you back your quality of life. When it comes to choosing the right debt help system for you, we can offer guidance and professional insight.

When it comes to debt review and asset protection, acting early matters. Apply for debt counselling before your creditor starts repossession proceedings, since we cannot undo the outcomes of this. The sooner you apply, the more you will benefit from how debt counselling protects your assets. At True North Debt, we value transparency and will keep you informed every step of the way.

Get Started Today

Are you ready to walk the path to financial freedom and debt clearance? We’re here to make the process as smooth as possible for you. CONTACT US today to get started.