MONEY CLINIC | I'm married in community of property. How will the debt review process affect my spouse?

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A Fin24 reader seeks the advice of an expert on how going under debt review will affect her husband's good credit score.

She writes:

When under debt review and married in community of property does this automatically affect my husband's credit even though he might have a good profile?

David Bester, Director at MyCreditStatus.co.za responds: 

If you are married in community of property then it certainly will affect your partner's credit score. Basically, both of you will have a 0 credit score.

When you are married in community of property, as a couple, you share your estate, including your debts.

You can not enter into debt review without your partner entering into the process with you.

If you are married out of community of property, it will be different since you and your partner will be considered as two different entities.

Compiled by Allison Jeftha. 

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    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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