Being under debt review in South Africa can feel restrictive, and many people wonder what they can and cannot do during this process. The good news is that while debt review is designed to help you regain financial control, it doesn’t mean you lose all financial freedom. Here’s what you need to know about renting, getting a loan, or buying a car while under debt review.
Renting a Home or Apartment
Yes, you can still rent a property while under debt review. Landlords usually check your credit history, and your debt review status will appear on your credit report. Some landlords may request additional proof of income or a guarantor, but most tenants successfully rent while in debt review. It’s a matter of being transparent and showing that you have a reliable income stream.
Getting a New Loan
Obtaining a new loan while under debt review is highly unlikely. Banks and other lenders are required by law to consider your debt review status before approving credit. Since debt review is a legal indication that you are over-indebted, most creditors will refuse new credit until your debt review process is complete. This protects both you and the lenders from taking on unsustainable debt.
Buying a Car
Buying a car with financing works the same way as other loans. If you plan to take out a car loan, it will usually be declined while you are under debt review. However, paying cash for a vehicle is always an option. Some people use the debt review period to save and make major purchases outright, avoiding extra debt and interest payments.
Final Thoughts
Being in debt review doesn’t stop you from living your life, but it does require financial discipline. Renting is generally possible, loans are restricted, and buying a car depends on your ability to pay cash. The process exists to help you manage your debts, avoid legal action from creditors, and eventually regain full financial freedom.
If you’re under debt review or considering it, speak to a registered debt counsellor about your plans. They can guide you on what is possible and help you make smart financial choices during this period.
