Debt counselling can assist you with getting your budget under control by implementing a new repayment plan with creditors. Debt counselling is especially for those struggling to make monthly payments as it can reduce 99% of your interest rates and 100% of your monthly payments. Here are a few reasons why debt counselling is important. […]
In the 200 worst cases of bank repossession, the properties were sold for less than 17.2% of their market value. Dozens were sold for less than 1%. This is according to an affidavit filed in support of the R60bn class action suit by dispossessed homeowners against major banks. For this reason, it is always important […]
Small to medium enterprises rarely have the financial resources to sustain an in-house credit department. This means that collecting outstanding debt can become an ongoing and draining process, particularly in instances where debtors are stubborn, unwilling to pay or have “gone missing” altogether. At Clear Future we have found that civil action as part of […]
When a company is insolvent or unable to pay its obligations, liquidation occurs. Liquidation can come about due to legal court processes, at the request of creditors or the company may voluntarily decide to be liquidated. The company is then closed, and its property is reallocated to pay creditors and shareholders. This redistribution of assets […]
Sequestration involves an entity (trustee or creditors) taking legal possession of an individual’s assets until debts or claims have been settled. The debtor may no longer be able to pay his or her debts due to uncontrollable circumstances such as bankruptcy. The estate of natural persons, partnerships and trusts can be sequestrated. Involuntary or forced […]
As a parent, when you die and leave debt behind, debt collectors can attempt to coerce your children into paying your debt. However, this is not legal. Your children have no obligation to pay your debt. This debt can be medical bills, personal loans, credit cards, vehicle loans, or a mortgage. When you die, your […]
When your debt repayments are high and you are struggling to cover your day to day living expenses, it is time to look for help. The help can come in two forms – a loan that covers all your debt (Consolidation loan) or hiring a professional company to assist you with debt counselling or debt […]
If someone is unable to meet their debt obligations at the end of each month, how will they be able to afford a service such as debt counselling? Once you start the debt counselling process, your debt counsellor will restructure your monthly debt payments. This means the counsellor will get in touch with all your […]
Voluntary liquidation is easier than voluntary sequestration in the sense that the business doesn’t need assets, whereas the individual must have property or sufficient cash to pay at least ten cents to the rand for the benefit of creditors. In addition, once the business liabilities exceed its assets, by law the business must cease trading […]
