When you owe money and the realization that you are unable to pay your debt settles in, you would normally go through the following phases:
- You try to raise additional finance.
- You consider ways and means to increase your income.
- You cut all luxuries from your budget and you eventually cut necessities from your budget.
- You start to question your self-worth.
- Many people consider suicide.
- You find yourself in a state of self-blame and depression. You start to regret financial decisions that you have made.
- You become “shy”. Do not be shy – contact us we understand exactly what you are going through.
Sequestration is a legal process by which you are declared insolvent by an Order in the High Court in terms whereof certain of your assets are handed over to a trustee, after which a Trustee (appointed by the Master of the High court) must according to the rules of the Insolvency Act, sell your assets. The proceeds of the sale of your assets are divided amongst creditors in a manner which is prescribed in the Insolvency Act.
What are my options if I have debt?
YOU HAVE 12 OPTIONS, NAMELY:
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