Debtfree Magazine Issue 4 of 2021

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SEQUESTRATION - IS IT AN OPTION?IS SEQUESTRATIONRIGHT FOR YOU?Some consumers who are in debt distress have startedthe sequestration process and gone to court to bedeclared insolvent only to be turned down by thecourts. Why?In those cases, it was because the court figured out that theconsumer could rather enter debt review and pay off what they oweover a number of years. In those cases, this was because the courtsalso worked out that the credit providers would get all their moneyback instead of just a portion of the debt. This does not happenevery time but the math has to be clearly to the benefit of the creditproviders and the courts like to see that around a fifth (+- 20 Centsout of each Rand owed) will be paid back to the credit providers.Also, it is important to remember that the process itself costs moneyand you will have to pay attorneys for their services. These fees varyanywhere from R20 000 to R50 000 according to Attorney WesselSymington of Steyn Coetzee Attorneys. This is why it is always a goodidea to talk to an attorney about the process and see if they feel that itis the right option for you. In many cases qualified Debt Counsellors,who know the process, might also be able to give advice aboutwhether sequestration would be of more benefit to you than debtreview.
A special thanks to the team at Control Debt Delete for their inputand assistance in creating this article. To find out more about themhead over to: www.ctrldebtdelete.co.zaAlso thanks to Splendi for their help. If you are looking for your freecredit report check them out at www.splendi.co.za
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WHAT MAKES USEXCELLENT?/ Unimpaired
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FROM THE EDITORThe world can be a s
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ONLINE14 June 2021National Credit R
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