Is personal sequestration the solution you need to get rid of your debt?
Let’s delve into the possibility of using personal sequestration to get your debt written off. What are the pros and cons of the process? Will it help or hurt me?
Why do so many people consistently tell me that personal sequestration is not the solution, despite the abundance of information on the internet suggesting the exact opposite?
There is a significant amount of controversy surrounding personal insolvency. However, this doesn’t mean that it’s a negative thing. Many people benefit from personal sequestration. The best way to find the answer is to speak with an insolvency specialist who can provide you with accurate information about the process and timelines.
People often mistakenly believe that the process writes off all debts. The answer here is yes and no. The process can completely eliminate the debt. However, this depends on the type of sequestration process that you’ve chosen as a solution to your debt situation.
Another misconception is that you can do it for free. This is also not true. Bear in mind that it is a High Court application, and whether you utilise an attorney of a company like insolvency care that first ascertains whether you qualify for the process or not, there’s still going to be fees that need to be paid.
At Insolvency Care, we aim to provide you with the answers to all your questions to help you make the right decision for your specific situation. That way, you will be able to ascertain whether personal insolvency is the answer for you.
PROS & CONS OF INSOLVENCY (BE IT PERSONAL OR NOT)
PROS OF THE SEQUESTRATION PROCESS
1. The biggest positive thing about insolvency is that you don’t have to pay the debt in full. With a personal sequestration process, the bulk of the debt will be written off.
2. The timeline towards financial rehabilitation after insolvency is much shorter than with any other debt relief programme.
3. You will not lose your movable assets if you opt for the buyback agreement to buy the movable assets back from the insolvent estate.
4. The bulk of the debt gets written off if you opt for voluntary insolvency, also known as personal insolvency.
5. No creditor can garnish your salary or bank account.
6. You stop paying the debts the moment you start with the personal sequestration process.
7. You will experience immediate financial relief.
CONS OF THE SEQUESTRATION PROCESS
1. Your credit name will be adversely affected.
2. If you’re a homeowner, you will lose your house if you go through with personal insolvency.
3. If you have any vehicles that are financed, you will lose them.
You might wonder what to do if Insolvency, which is by the way governed by the Insolvency Act is not the answer?
Then we can look at alternative debt relief solutions and will refer you to one of our expert debt relief consultants that will provide you with alternative solutions to your specific financial situation.
Let’s be honest with each other here.
When you weigh the pros and cons of personal sequestration, you won’t lose anything, you’re most likely to lose if you continue to do things the way you are.
Struggling to meet your monthly responsibilities
Wondering, how you’ll pay for the rugby or netball tour your child(ren) have been dreaming about? Is that really the way you want to live your life?
The most important question you should ask yourself is:
Is it truly worth it to hang onto items that are easily replaceable? All this to keep up appearances, nurturing that pride?
These days, it seems like folks are putting themselves first more than ever. I bet they didn’t even notice that nice car, the beautiful house, or the stylish clothes and trendy fashions you’re rocking.
Break the debt cycle and take control over your finances. Regain your financial freedom!
Call Insolvency Care today
Find out if you qualify for personal sequestration. If you don’t qualify for personal sequestration, we will provide you with an alternative debt relief solution.
None of our clients are turned away without a solution.
It will depend on you, whether you want to continue with Insolvency Care and its affiliates or not.
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ASSESSMENT / CONSULTATION /QUOTATION
Talk to our professional Insolvency Experts and find the ultimate solution to your debt.
Disclaimer: The article is for informative purposes only. It does not serve as legal advice, nor is it intended as such. Please speak to our attorneys before relying solely on the information herein to make any decisions.