Debt Review Pretoria – What happens to our debt review once a divorce has been finalised ?
Are you in Pretoria, need debt review and considering a divorce? Debt-911 can help.
The type of Marriage contract that you entered into when you got married will determine the impact your divorce will have on your debt review. Over indebted consumers married in community of property will, after a divorce be jointly under debt review. This is because the estate is a single entity in the eyes of the law and therefore both partners are responsible for any debt that has been incurred during the marriage and prior to the divorce.
Consumers who get divorced during their debt review process will need to have the original court order rescinded and require that a new debt review process be initiated for both partners starting with new applications, new budgets, proposals, negotiations, court orders etc. This will obviously incur additional costs.
Debt-911 will inform all the couple’s creditors of a change of circumstances highlighting the fact that a couple is mired in a divorce and that the previous joint application will be transformed into two separate applications.
Inform Your Debt-911 Debt Counselor Of Your Impending Divorce
It is important to inform your Debt-911 debt counsellor of your intention to get divorced if you are entering the process or if you get divorced while still under debt review.
Understandably, home loans add a measure of complication to the process. Banks and lenders don’t concern themselves with your marital status after they have granted you a loan. If you are getting divorced, it is important to note that both partners will be liable for repayment of any debt incurred unless alternative measures have been taken.
Do You Need To Explore Your Debt Counselling Options while planning a divorce?
Debt-911 counsellors will guide and assist clients through each step in the process including representation in court if required.
If you find yourself thinking about how you are going to meet your monthly repayments, whether or not you will be filing for divorce, simply call us, SMS Help to 40935 or fill out the form alongside and one of our trained debt counsellors will call you to assess your personal situation and give you free advice.