Avoiding repossession from debt

Avoiding repossession from debt is one of the most important – if not the most important reason people should opt for debt review when they are experiencing financial difficulties.

Repossession

Having your assets repossessed is one of the most traumatizing things that can happen to you and your family. Besides the emotional repercussions, it can also lead to massive legal fees and can have a terrible affect your credit record.

It is vitally important to remember that no one, besides a sheriff / officer of the court with a valid court order may enter your premises to repossess your goods. Many debt collectors prey on consumers who do not know their rights to enter a premises and get someone to sign a document for the voluntarily surrender of a vehicle, and then take the vehicle.

It is therefore of utmost importance to always read what you sign. In fact, the first thing to do, would be ask the person to show you proof that he/she is a court appointed officer, and to show you the stamped court order. If they cannot show you this, then you do not need to grant them access to you premises.

Some debt collectors will lie and intimidate you in order to have your sign the voluntarily surrender document for your vehicle. This could end up being one of your greatest regrets, as you will still owe the complete outstanding amount on that vehicle when the debt collector leaves there with it.

Debt review and repossession

Avoiding repossession from debt, lowering your monthly debt installments and giving you more money to spend on your everyday living expenses – are just a few benefits of debt review.

It is always best to make contact with a registered debt counsellor, the moment you are feeling the financial pinch, and not wait until legal action commences by creditors – for then it is too late.

Debt review not only lightens the financial distress – but the emotional distress that comes with a bad financial situation as well. Once you are placed under debt review by a registered debt counsellor, you may no longer be harassed by creditors and debt collectors. They will however still call – and then you can gladly just point them in the direction of your registered debt counsellor who will then deal with them on your behalf.

National Debt Advisors was voted SA’s best debt counselling company in 2020. Please fill out our contact form, and one of our expert debt consultants will contact you shortly.