Debtfree Magazine Issue 4 of 2021
SA's free debt counselling & debt review magazine. We discuss scams you need to beware of when thinking about leaving the debt review process early (and whether you could leave early).
SA's free debt counselling & debt review magazine. We discuss scams you need to beware of when thinking about leaving the debt review process early (and whether you could leave early).
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SEQUESTRATION - IS IT AN OPTION?
WHAT IF YOU DON’T
HAVE ANY PAID UP
ASSETS?
Normally, the assets that you have are sold off to pay
back the credit providers (with the credit providers
who are currently giving credit for a particular asset
getting their money first) but what if you do not have
any assets with any value?
Though this is rather uncommon, it is possible to enter sequestration
and pay off a portion of the debt owed with cash.
This could happen, for example, where a family member offers to
provide the needed funds and they cover the required minimums
which the court feels will be fair to the credit providers.
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