House on the line

Debt review. (Picture: Shutterstock)
Debt review. (Picture: Shutterstock)
A Fin24 user fears that his botched debt review process may cost him his house. He writes:

I am under debt review for about two years now and have made all my payments as set out by the debt counsellor, but about six months ago the bank notified me that I am going to lose my house and they are going to sell it at an auction.

When I contacted the debt counsellor, I was told that they gave the bank too small a share of the monthly payments I had to make and that I must try and sort it out with my bank myself by giving them an extra payment each month.

Can someone please give me some advice as I am lost and don't know what to do?

Friedl Kreuser of 6cents, a division of Summit Financial Partners, responds:

Negotiating with your credit providers and making sure they are satisfied with payments is your debt counsellor's job.

If they are not doing a good job of this, feel free to contact either the National Credit Regulator (0860 627 627) or the National Debt Mediation Association (0861 11 6362) for urgent assistance.

Follow up with them regularly to make sure your query is resolved before the legal action progresses any further.

The first step will be for them to see how far legal action has progressed, or if the credit provider is merely making threats.

So if you have received any legal documents or letters for the bond account, have these available when you contact the NCR or NDMA.

- Fin24

Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query. 

Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers. 

Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.

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