Protection is a process—not a slogan
Once a valid application is underway, credit providers are notified and the debt counsellor works toward a restructured arrangement. The objective is to keep essential secured agreements sustainable while restructuring the wider debt burden.
What the counsellor examines
- The home-loan and vehicle-finance balances and instalments.
- Whether any legal enforcement steps have already begun.
- The household’s verified disposable income.
- Insurance, maintenance and other costs required to retain the asset.
- Whether the proposed plan is realistic over its full term.
Act early: Do not wait for a repossession or sale process to become advanced before asking for advice. Existing legal action can change the options available.
Your responsibility under the plan
Asset protection does not cancel a secured debt. You must maintain the agreed repayment and comply with the court or tribunal order. Missed payments can place the arrangement and the asset at risk.
What to have ready
- Latest vehicle-finance and home-loan statements.
- Any summons, notice or letter of demand.
- Proof of income and recent bank statements.
- Insurance details and essential household expenses.