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If you’ve taken the first steps to beginning the debt review process, you may wonder about the documents you’ll need to present for your assessment process. Usually, you’ll need a copy of your credit report, bank statements, a completed Form 16, and copies of your...
Have you ever pondered the difference between professional debt mediation and debt consolidation? Professional debt mediation is when a negotiation professional negotiates with your creditors for reduced interest rates, cut repayments, extended repayment periods, and postponed due dates on your behalf. In contrast, debt consolidation...
Have you ever wondered how long sequestration rehabilitation takes? This depends on the circumstances under which you were sequestrated, the High Court’s schedule, and whether anyone objects to your rehabilitation application. Assuming the process goes smoothly (no one objects, you get a court date quickly,...
After you’ve been sequestrated after insolvency, you can apply to the court for a rehabilitation order to declare yourself no longer insolvent. After you’re rehabilitated, you can apply for credit and hold directorship positions in companies, whereas you can’t under sequestration, as you’re deemed financially...
Knowing the difference between insolvency and bankruptcy is crucial, as both have different legal and financial implications. In short, insolvency means that you can’t pay your debts as they fall due, which can lead to bankruptcy, also called sequestration. Insolvency is a state of financial...
Administration orders limit your control over your finances, rendering you unable to manage your own debts. You might experience stricter budgetary constraints, limiting your ability to manage unexpected expenses. It could stay on your credit report for years after completion, despite all your debts being...
A bad credit record can lead to higher interest rates, creditors perceiving you as a higher risk, loan and credit card rejections, lower credit limits, difficulty renting a home, higher insurance premiums, and challenges finding employment in the finance sector. This is because a bad...
If you’ve recently applied for debt review and realised that it’s not for you, you may have wondered whether you can remove it or exit it before it takes full effect. You can only remove debt review if the Magistrate’s court hasn’t yet declared you...
Your company has run out of money: its assets exceed its liabilities, it’s deep in debt, it’s seen a significant drop in revenue, or its creditors have applied for liquidation – or, you would like to liquidate it. Directors and shareholders have the authority to...
Sometimes, credit clearance alone isn’t enough to remove public record marks from your credit report. Marks like sequestration, debt review, administration orders, and judgments can feel impossible to remove, especially if you’re not familiar with your rights regarding credit clearance. Under the National Credit Act, you’re...