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Where you do not dispute any information on your credit record and you want to repair your credit record by remedying any negative listing on it, the first step is to consider whether you are legally obliged to pay the account. Accounts that you are not legally obliged to pay You are not legally obliged…
The National Credit Act regulates how accounts can be settled early. To begin with, a consumer would need a settlement amount from the credit provider and the NCA gives the consumer certain rights with regard to this.Section 113 of the National Credit Act: Statement of settlement amount.(1) At the request of a consumer or guarantor,…
Individuals facing insurmountable debt have legal options to relieve their financial burden, with sequestration and bankruptcy among the most notable. Understanding these processes is essential for anyone considering them to solve financial distress. This article provides a basic overview of sequestration and bankruptcy, highlighting their key aspects and how they work. What is Sequestration?Sequestration is…
Sequestration some salient points: Administration, some salient points: Debt Review, some salient points: • High Court procedure – more costly• Court grants only IF it is in the interests of your creditors – no guarantees:• Your assets must cover the debts• Associated costs of sequestration are paid out of your estate, i.e. bad for creditors.•…
The collection of prescribed debt is prohibited. No person may sell a debt under a credit agreement that has been extinguished by prescription under the Prescription Act 68 of 1969. Further, no person may continue the collection of, or re-activate a debt under a credit agreement where the debt has been extinguished by prescription or…
An administration order is granted in terms of the Magistrates’ Court Act 32 of 1944 where the consumers debt is less than R50 000.00. An administrator is then appointed to collect a monthly amount that is distributed amongst the consumers’ creditors as detailed in the administration order. Administrators can add new creditors to the list…
Joe was diagnosed with heart disease and had to reduce his working hours, with the resultant effect that his monthly income decreased. As a result, Joe tried to negotiate with his bank to try and save the house he had bought just a few years ago, the said house having been purchased in terms of…
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