22 Oct Can I Lose My Assets During Debt Review?
Financial difficulties can cast a looming shadow over anyone’s life, especially when the fear of losing hard-earned assets like your home or vehicle starts to creep in. Fortunately, there’s a lifeline available – debt review. In this blog post, we’ll explore how this financial intervention can protect your assets, empower you to regain control of your financial situation, and ultimately lead you towards a path of long-term financial stability.
Facing the Fear of Repossession
The fear of losing valuable assets can be paralysing. Whether it’s your cherished home or essential vehicle, it’s a prospect nobody wants to face. However, you don’t have to confront this fear alone. Reach out to a reputable debt counsellor like Debtco Group as soon as you realise you might start missing instalments or not meeting your creditors’ demands. The support and expertise we provide can be your beacon of hope during these challenging times.
Missing Monthly Debt Repayments: The Section 129 Letter
When you fall behind on your debt payments, your credit provider may send you a Section 129 letter. This letter outlines your rights and the available options. It’s a crucial document that can shape your financial future and should not be ignored.
One of the key options presented in the Section 129 letter is the right to consult with a qualified debt counsellor and apply for debt review. However, the clock is ticking, and you have a limited time to act on these rights.
Once you receive the Section 129 letter, immediate action is vital. You only have a 10-day window to reach out to a debt counsellor who can help assess your financial situation and guide you towards regaining control. Failure to do so could result in creditors escalating their actions, possibly leading to legal proceedings against you.
Debt Review: A Shield for Your Assets
The short answer is no, you won’t lose your assets when you apply for debt review. As long as you faithfully stick to the new payment agreement, your assets are safe. Debt review isn’t a threat to your assets; rather, it’s a lifeline to protect them.
The Protective Power of Debt Review
Debt review doesn’t just offer protection; it also provides a clear path to financial stability. As your debt counsellor, Debtco will negotiate with your creditors to create a new repayment plan. This plan typically involves extending repayment terms, reducing interest rates, and consolidating your debts into a single, manageable monthly payment.
To ensure your protection, Debtco Group will secure a consent order from either the magistrates court or the NCT. With this order in place, no credit provider will be allowed to contact you or initiate legal actions, as long as you continue making the new, reduced payments.
Protect Your Assets Today
Applying for debt review is a powerful step to safeguard your assets when financial difficulty strikes. By acting swiftly upon receiving a Section 129 letter, you can regain control of your finances, ease the burden of potential asset repossession, and set out on a journey toward long-term financial stability. Don’t wait until you start missing instalments; contact us today to get the help you need and secure your financial future.