Good dayI have an smart bond and got div...

Asked by graemeb on 31-08-2021 17:25:45
Question posted in the General Law category relating to Gauteng

Good day

I have an smart bond and got divorced .the settlement agreement states I got the house . The house is still on my ex-wife name .what options do I have .firstly I'm under debt review .I have another house that is paid up in my name. I have an partner willing to take the bond over and is in good credit standing .I spoke to bank they say Substitution of debtor .How will that work as would like to transfer the bond to her but want to keep paying on the outstanding yrs.Whats my best options.



Message from the Lawyer

Posted by Att. Patrick on 01-09-2021 19:36:34

Hi there,

I see that you haven't made a payment for the question, but I'm going to assist you a little. If you want to ask a follow-up question, please make the required payment, even if it is R150 or R200.

Substitution of debtor means that the new person steps into your shoes, in relation to the loan agreement (the bond) and takes over all of your obligations to make payment under the agreement.

Att. Patrick 

Please remember this is a dialog if you have follow-up questions please make the required deposit, then use the REPLY button and ask your further question. I would like to continue assisting you, but I need to concentrate on people who make deposits for their questions - they get serviced first!

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