February 19, 2013
When I start a DMP, can I keep my car? Yes.
In order to qualify for our special Debt Management Program (DMP) there is no obligation to sell your car. Unlike bankruptcy, you are not required to forfeit your non-exempt assets in order to consolidate your debts.
Can I put my car loan on the program? Maybe.
If you have an auto loan and you still own that vehicle, it is considered a secured debt and cannot be added to a DMP. Only unsecured debts qualify for debt consolidation. However, if you no longer possess the vehicle, or the value of the vehicle is so low compared to the amount owing on the loan, then the auto loan may be actually unsecured and it is possible to be added to your debt repayment program.