When you start debt counselling, the credit bureaus will be informed, and you’ll no longer be able to take on any new credit. This will be for the duration of your debt counselling process and it will prevent you from falling into any further debt.Once you receive your clearance certificate, you must send it to […]
It’s important to understand that debt counselling is not for everyone. If your debt is manageable and you’re not in over your head, it may be best for you to handle your debt independently or seek an alternative financial solution.However, if you’re struggling to make ends meet and your debt is only increasing, debt counselling […]
Falling into unmanageable debt can be a slow process. Over the course of a year, you may slide from someone who’s meeting debt payments to someone who’s struggling to make ends meet.If you find yourself answering “yes” to any of the below questions, it may be time to take a hard look at your financial […]
Debt counselling is a financial solution where over-indebted consumers can have their debt restructured through a lower, affordable payment. This process also protects the consumer, since the debt counsellor negotiates with the credit providers on the behalf of the consumer. Over-indebted consumers can apply for debt counselling to assist them in settling their debt. This […]
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 […]
A debt counsellor will assess your finances. If you are deemed overindebted, a budget will be drawn up that will help you allocate funds to your basic needs before paying your debt. Ensure that you provide your debt counsellor with all the necessary documents, such as your proof of income, and bank statements - be […]
Your insolvency comes to an end when you are rehabilitated. In order to get credit again after having been sequestered, you will need to apply for rehabilitation to clear your name as well as restore your credit reputation. If you do not apply for rehabilitation, the credit bureau will hold your sequestration against you for […]
