13 May Can I Buy A Car While Under Debt Review?

There are many important factors to consider when you enter debt review. Take the time to understand what your limitations will be, for a clear picture of what comes next. Debt review, at its core, is designed to help you become debt-free. It typically takes about three to five years to complete the process, during which time you cannot incur any new credit agreements.

Life looks a little different when you are undergoing debt review. Your credit profile will be flagged, and taking out any new loans is impossible, but this does not mean you cannot make important purchases. Firstly, you’ll need to ensure you can afford to buy a car cash while maintaining your monthly debt repayment plan. It is also recommended that you get the go-ahead from your debt counsellor beforehand.

The Drive to Get Out of Debt

Debt is something that accumulates over time, slowly draining your financial stability. Once you become overindebted, it takes over your life and puts your credit score and valuable assets in the line of fire. Debt review protects you from legal action and asset repossession. No more stressful calls from lenders demanding money – you are on track, and we are right beside you.

At Limdebt, we provide a professional debt review service. If you are motivated to improve your finances and overcome debt, we recommend holding off on high-cost purchases wherever possible, which include buying a new car. While under debt review, it helps to focus all your financial efforts towards repaying what you owe, through the new monthly repayment plan we have arranged for you. If you have extra money, try making higher payments that settle debts more quickly.

Clearing Your Debt and Moving Forward

It is incredibly rewarding to get through debt review and receive your clearance certificate. Afterwards, your creditworthiness starts to improve, and in time, you can access new loans, including car financing. The goal is to approach your financial future with your budget and capabilities in mind. The best way to manage your money during and after debt review is to live within your means.

At Limdebt, all our Debt Counsellors are registered with the National Credit Regulator (NCR). We also value communication and are committed to getting your debt under control. We will guide you from your first affordability assessment to your last debt repayment, and share valuable advice to ensure you stay on track after debt review.

Your Debt Review Journey Starts Here

If you are serious about getting out of debt, we can help you reach your financial goals! Get in touch with us to apply. We will negotiate with your creditors for reduced instalments, so you pay less towards your monthly debt. This personalised service gives your budget some breathing room while helping you keep up with the debts you owe.

Let Limdebt work with you on achieving financial stability through Debt Review. Contact us to get started today!