A NAP addresses a particular inability to repay
New Zealand’s No Asset Procedure is intended for eligible people whose assets and repayment resources meet its requirements. The Insolvency and Trustee Service explains that the process affects credit and can have other practical consequences. It is not a facility for obtaining additional money. Before applying, review every debt, available asset and relevant circumstance with an adviser, including liabilities that may not be covered by the procedure.
Check obligations during the procedure and after it ends
A proposed new loan needs to be considered against the current case status and the household’s actual resources. Ask the service or a qualified adviser about reporting and disclosure duties rather than assuming that entry has removed every financial restriction. MoneyTalks provides access to free mentoring that can help rebuild the budget. Completion of a NAP does not itself demonstrate that the person can afford a fresh instalment or will be approved by a lender.
