If you own a vehicle and you are behind on your monthly debt repayments, please continue reading. One out of three people who approach us to apply for Debt Review (so they can save their vehicles) must be turned away because they have left it too late.

When it comes to secured asset finance (like cars and homes) most people don’t understand the dire implications of going months on end without squaring up with their finance company.

So, how many instalments can you miss before it’s too late to enter Debt Review?

The answer is not too many!

You can be behind for a couple of months at most, but if you are 6-months behind on your vehicle repayments, it is almost impossible for us to get a deal done with your finance company.

We might be able to if you pay in the full arrears, but you would be doing that anyway if you had the funds available, right?

This is our message to anyone with a vehicle and a house. Try and keep up-to-date with your monthly repayments, but if you are struggling and starting to miss these crucial monthly repayments, you should rather have your situation assessed to determine if you are over-indebted.

Then you can establish if you want to enter Debt Review and have your vehicle repayment reduced by 25%.

The key is that you are offered legal protection under Debt Review and your creditor is legally obliged to take a reduced repayment if we can prove you don’t have the affordability.

Don’t wait until it’s too late!

If the bank picks up your car they will auction it, get what they can, and you will be liable for the balance. No car, but money owing. 

Nobody wants that!