IS IT TIME TO LOOK FOR FAST AND EFFECTIVE DEBT SOLUTIONS?
Did you overspend during the previous festive season, and then came home to find the pool pump no longer doing its part to keep the water flowing? To add to your misery, SARS phoned and demanded immediate payment for outstanding taxes, and to top it all, your pedigree dog had to undergo surgery, which amounted to several thousands of Rands. Your spouse lost their job shortly after, and with three months of reduced income, the bills quickly mounted.
In addition to the above, you did not get a salary increase for the third year in a row, whilst fuel prices just kept increasing. Perhaps it has become almost impossible to pay back your home loan. Things have deteriorated within a few months. You have looked for fast and effective debt solutions, and in an effort to stop the downward spiral, you applied for a personal loan. Three months on, and you realise that you are bankrupt.
If the above describes something similar to your debt situation, keep your chin up. Not all hope is lost, even if the bank has threatened with foreclosure on your home. Debt review is one of the fast and effective debt solutions if your debt can be repaid within five years. However, what if you have already entered debt review and still cannot pay the debt? You know that if you miss a single payment, all the creditors will rush in to claim their benefits. If debt review is not the solution for your situation, what is?
THE ANSWER YOU NEED, BUT DID NOT NECESSARILY WANT TO CONSIDER BEFORE NOW
Voluntary sequestration is one of the fast and effective debt solutions if you are insolvent, want to get rid of up to 80% of your debt in one go, and want to become completely debt-free within a relatively short period. It is a legal process whereby you apply to have your estate surrendered. If the court awards the sequestration, a trustee is appointed, and the assets in your estate are sold on auction. The proceeds of the sale are distributed amongst the creditors, and the cost of the sequestration is covered.
You remain under sequestration until rehabilitated. The moment the intention to voluntary sequestrate is published in the relevant publications, you are protected from further harassment from creditors. You stop payment to all creditors, and the interest on the debt is frozen. The creditors cannot take any further legal action against you. Once sequestrated, you can start fresh and rebuild your financial estate. You can apply for rehabilitation as soon the requirements are met. Once rehabilitated, you are again in full control of your estate.
Make an appointment with our attorneys if you are seriously looking for fast and effective debt solutions. They will explain the process, and if you qualify, will assist you in taking the necessary steps to apply for voluntary sequestration.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Call on 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.