If you go under debt review this must be reflected on the records of the credit bureaux and the onus would be on them to update their records where the status changes. If the voluntary distribution option is better for you, then this will not be listed on the records of the credit bureaux at all. Please bear in mind, however, that if you fall in arrears with your debt you may be listed anyway on the records of the credit bureau as a slow payer or Judgment may have been granted against you. Give us a call to guide you with your debt counselling.
We shall first assess your situation to see which is the best option for you. Below is a comparison of the options that you have available (each option depends on the merits of that matter):
|COMPARISON OF SERVICES : OPTIONS TO CONSUMER|
|DEBT MEDIATION||DEBT REVIEW||SEQUESTRATION|
|Not reflected on credit bureaux||Reflects on credit bureaux until removed||Reflects on credit bureaux until removed|
|Can exclude spouse married ICP||Spouse married ICP must be included||Spouse married ICP must be included|
|Consolidates monthly instalments into one||Consolidates monthly instalments into one||Consolidates all debt owing|
|Does not reduce interest rates||Reduces interest rates||Interest rates not applicable|
|Does not include house or car repayments||Includes house and car repayments||House (and usually car) to be sold|
|One monthly amount is paid into attorney trust account for distribution||One monthly amount is paid into Payment Distribution Agency for distribution||All funds are paid to the curator appointed by the High Court|
No, once the court accepts your sequestration application and you are able to make the required offer in settlement, you will not have to pay anything further to your creditors
Absolutely not. You can be prosecuted if you continue to act as a Director of any company until your estate has been rehabilitated.