Debt collectors knocking at your door? Are you afraid to answer the phone because of constant creditor harassment? Have you juggled between credit cards up to now? Are your home loan repayments behind? Do not stress. Debt help is available. Indeed, you can save money with sequestration experts. Here is how:

Instead of signing agreements with debt collectors in which you admit to the debt and agree to pay exuberant interests, as well as legal fees on debts owed, you can apply for voluntary sequestration. If approved, you can save money. The insolvency experts handle the voluntary surrender application. With voluntary sequestration, creditors must be able to receive at least 20 cents out of the rand for debt owed. This means that up to 80 cents out of every rand can be written off through the voluntary surrendering of your estate.

You can also save money with sequestration experts when it comes to interest payable on the debt. Once the notice of intention to surrender your estate has been published, the debt is frozen. What this means is that there can be no further interest on the debt. The amounts owed stay the same with no more interest added. When you enter a normal debt settlement agreement whereby you agree to pay an entire amount owed, the creditor continues to charge interest. In addition, you must pay the legal administration fees as well. This can leave you in a debt cycle for years.

All garnishee orders on your salary are cancelled as part of the process. The court-appointed curator/trustee oversees the sale of your assets and distribution of benefits to the creditors. Instead of the bank foreclosing on your property and selling it on auction, with you still being accountable for any shortfall, you can save money with sequestration experts. The immovable property forms part of the estate and the trustee/curator focuses on getting the best possible sale price for the property on auction. If the creditors, including the bank, receive their minimum benefits, then you do not owe anything else.

Indeed, once the notification of intention to sequestrate has been published, you are not allowed to make any further payments to the creditors. They must wait until the sale of assets to receive their benefits. During the period until such, you thus do not make any mortgage payments, do not have to pay interest, and can still stay in your home until it has been sold.

It is not a free ride and you certainly do lose valuable assets in the process. However, you get a fresh start and can become free of the debt chains with the voluntary surrendering of your estate. Save money with sequestration experts. Call our team of insolvency law attorneys for professional help.

Disclaimer: This article is for information 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 as at the date of publishing.