If you are unemployed but married in Community of Property (CoP), you could still qualify for debt review, but there are several considerations to take into account.
Your Application is Treated as a Joint Application
In marriages that are within Community of Property, the financial assets and liabilities of both spouses are considered together. A debt counsellor will assess the combined income and expenses of both spouses to determine eligibility for debt review. If your spouse has a sufficient income, this has the benefit of buying you time to find a job or secure a stable source of income.
It Depends on your Spouse's Income
Your spouse's income has to be sufficient to cover the required monthly debt repayment under debt review. In some cases, we have submitted retrenchment letters if the partner lost their job and asked the credit providers to assist the consumers.
Your Creditors need to be Willing
Creditors will also assess the proposed repayment plan based on the combined income and expenses of the couple. The willingness of creditors to accept a revised payment plan will impact the success of the debt review application.
Legal and Contractual Implications
Being married in COP has legal implications that affect how debts are managed and repaid. Understanding these implications and how they interact with the debt review process in is essential.
Considering applying for debt review whilst being married in Community of Property? Debt Sage's experts can help you to navigate this.