ARE YOU LOOKING FOR REAL FINANCIAL AND DEBT SOLUTIONS?
Debt has a way to creep up on you, especially when you have unexpected expenses, such as medical or moving costs. To pay for such costs, you might opt for short-term or personal loans, additional credit on your credit card, or even pawning valuable items, such as your vehicle. However, you cannot solve debt with more debt. Soon, you find that you have to juggle between accounts in order to make monthly payments. Not too long, and you are behind on your home loan, and the bank threatens with foreclosure. If this sounds familiar, it is time to look at real financial and debt solutions.
One solution is to enter into debt review. It is only an option if your debt can be repaid within five years. Your debt should be more than R50 000, and you should have a monthly income, as you will make one consolidated lower monthly instalment to pay off all the debts.
The advantage of debt review is that the creditors cannot take further legal action against you, as long as you pay. In addition, once the debt has been paid, your credit record will be updated, and you can once again enter into credit agreements. However, it is not one of the best financial and debt solutions if you have a home loan that will keep you under debt review for years to come. During this period, you will not be able to enter into any credit agreements, and you will always have debt hanging over you as a constant burden until completely paid off.
Another one of the workable financial and debt solutions to consider is that of voluntary sequestration. Though it is an expensive process, it is one of the fastest ways to get rid of the largest part of your debt, and even become completely debt free within a few months. If you are serious about financial solutions for your debt situation, and you have immovable property, then it is certainly worth considering.
You will immediately, after notification of intention to voluntary sequestrate, seize all payments to creditors. The money you would have paid can be used towards payment of the legal costs, or you can save up to start over. Your financial estate will be surrendered, and once the sequestration is awarded, your assets will be sold on auction. It is done discreetly. You become completely debt free, and can rebuild your financial estate.
Get professional guidance from our attorneys regarding financial and debt solutions, including voluntary sequestration.
Disclaimer: This article is for informational purposes only, and does not constitute legal advice. Call our attorneys for legal advice, rather than relying on the information herein to make any decisions. The information is relevant to the date of publishing.