WHAT IS DEBT SOLUTION? VOLUNTARY SEQUESTRATION AS THE UNEXPECTED ANSWER What is debt solution? Other than it being a way to address debt, how is it a solution? If the question does not make sense, read on as we explain it below. A debt solution is basically an approach to eliminate, reduce, or manage what you owe to others. What you owe to a creditor… Read More »WHAT IS DEBT SOLUTION?
HOW SOUTH AFRICAN INSOLVENCY PRACTITIONERS HELP YOU THROUGH SEQUESTRATION The first thing to do if you consider voluntary sequestration is to speak to South African insolvency practitioners. There are many pitfalls to avoid before, during, and after the process. South African insolvency practitioners can help you to minimise losses, ensure compliance with legal requirements, and assist with the rehabilitation process. What you should not do… Read More »SOUTH AFRICAN INSOLVENCY PRACTITIONERS
SEEK GUIDANCE FROM LIQUIDATION EXPERTS BEFORE YOU SELL OR CLOSE DOWN YOUR BUSINESS If you want to sell your business, you need to publish a notice to the effect according to Section 34 of the Insolvency Act No. 24 of 1936. As such, if your business is in trouble and you hope to sell it and from the proceeds of sale, pay off creditors, you… Read More »LIQUIDATION EXPERTS
CAN YOU BECOME DEBT-FREE THROUGH THE VOLUNTARY SEQUESTRATION PROCESS? Having to pay for years on end for a single business mistake or an unforeseen expense that drove your finances into the red does not seem fair. As an alternative, consider the voluntary sequestration process. It is a legal process whereby you can, after you have exhausted all other avenues for a workable solution, apply to… Read More »SEQUESTRATION PROCESS
IS A CONSOLIDATION LOAN ONE OF THE WORKABLE DEBT SOLUTIONS? Get stuck in the debt cycle, and pretty soon, you receive SMS messages, calls from service providers, and emails demanding immediate payment. You can tell the creditors that you do not have money right now and intend to pay as soon as you can, but they want dates and written commitments. Of course, you did… Read More »DEBT SOLUTIONS
CAN YOU BENEFIT FROM BANKRUPTCY? Most people who are filing for bankruptcy, do so to stop creditors from harassing them, and because they simply see no other way out. Few stop to think of advantages associated with bankruptcy. Considering that one’s credit record reflects your sequestration status and you lose your immovable property in the process, you might think that people must be crazy to… Read More »BANKRUPTCY
IMPORTANT MISTAKES TO AVOID WITH VOLUNTARY SEQUESTRATIONS IN SOUTH AFRICA Voluntary sequestrations are legal means for debtors to have a large portion of their debts paid off in one go. One has to understand that courts do not award sequestrations if creditors cannot benefit. Fortunately, for debtors, the sale of assets in their estates must only provide for sufficient funds to pay for the sequestration… Read More »SEQUESTRATIONS
HOW VOLUNTARY LIQUIDATION OF A BUSINESS WORKS IN SOUTH AFRICA It is no secret that start-up businesses have tremendous capital layouts, and often land in deep water within a year. Getting out of debt is difficult as is, but add problems, such as VAT payments, SARS returns, and upfront expenses related to large contracts, and it is a recipe for disaster. When there is a… Read More »LIQUIDATION
HOW TO GET OUT OF DEBT FAST The festive season, in particular, is a time of overspending. Credit cards are maxed out in order to pay for gifts and expensive holidays. Just after the festive season, people face expenses, such as having to pay school deposits and fees. They must pay membership fees to organisations, and have to pay upfront for the extramural activities of… Read More »GET OUT OF DEBT
TIPS ON HOW TO GET OUT OF DEBT IN SOUTH AFRICA With the fuel price at its highest ever, inflation skyrocketing, and salaries not being adjusted to make provision for the higher living costs, many South Africans find it almost impossible to service their debts. Indeed, they are caught up in a never-ending debt cycle. If you are one of the millions of people struggling… Read More »HOW TO GET OUT OF DEBT