With South Africa’s financial climate in a woeful state and most middle class consumers struggling to make it from one month to the next, the subject of debt is no longer one that is met with surprise or concealed in shame. At Credit Rehab, our team consist of dedicated and reliable legal and financial experts, well versed in all matters of Debt Rehabilitation.
Debt Rehabilitation is an approach that involves reducing your monthly instalments or paying off your debts in full, and can take place in many forms, with the ultimate objective being to attain a debt free status and gain control over your finances. Debt Rehabilitation services that aid individuals in their quest to attaining financial freedom include Debt Consolidated Loans, Debt Review, Voluntary Mediation or (often as a last resort), Voluntary Sequestration.
Voluntary Sequestration is the legal process where an application is submitted to the High Court, in order for the individual to be declared bankrupt. It is possible for a consumer to undergo Debt Rehabilitation after sequestration; however a period of at least 4 years needs to pass before a consumer can apply to have their estate rehabilitated after sequestration.
While it might seem almost impossible at times, there are solutions available to consumers living with too much debt and unable to manage their finances. If you are applying for Debt Rehabilitation after sequestration, our Credit Rehab professionals are equipped with the experience needed to submit this application to the court along with the relevant facts. Once the court grants the order, your name should be cleared from the sequestration status, allowing you to continue living your life with a clear credit record.
For those currently still indebted, two of the most successful Debt Management solutions offered through our Credit Rehab team are Statutory Debt Review and Voluntary Debt Mediation, which both assist consumers in paying off their debts more efficiently, in one reduced and more affordable monthly instalment. Both of these Debt Mediation processes can make a big difference in your quality of life, making it easier for you to get through a month while also helping you to become debt free in shorter space of time. Once you are without debt, you can start to enjoy a life free of worries, while learning living within your budget more comfortably.
When choosing to undergo Debt Review as part of your Debt Rehabilitation process, one of our expert debt counsellors at Credit Rehab will determine your current situation through an affordability assessment – this will allow us to negotiate lowered monthly instalments with your creditors on your behalf. Besides lowered monthly payments that are more suited to your budget, a major benefit of Debt Review is that you will be protected from legal action during this time and so do not have to worry about asset repossession. As each consumer’s financial situation is unique, our team of professionals at Credit Rehab will first take the time to assess your situation before determining a way forward.
Without help, it can be difficult to negotiate and dispute with your creditors, while Debt Mediation or Debt Review places the mediating in the hands of the professionals, giving you the best possible outcome when it comes to an agreed upon lowered monthly instalment on your behalf. Check in with our Credit Rehab team of legal and professional experts to benefit from our range of Debt Rehabilitation services.