The surrendering of your estate is a process instituted by the Courts to help persons that are no longer in a position to honour their debts due to unforeseen circumstances and legally puts you in a position to keep assets.
Voluntary surrender enables you to regain normality in your financial affairs – so that you can adjust your lifestyle according to your income. You will be able to live normally because your affairs have been sorted out legally by the High Court. You have an answer for those creditors that phone you day and night from “private numbers”. You will no longer fear that the Sheriff may make an unwanted house call and try to attach your possessions.
The Court Rules determine that you pay an agreed percentage of the debt to your creditors. This percentage varies from province to province. For example if your total debt is R200 000.00 you may pay R80, 00.00. A fixed fee is already included in the amount payable so that you will not be caught off-guard with unexpected attorney or curator costs. The benefit of this formal legal process is that the repayment amount does not accrue interest. Arrangements may be made with the curator to settle the amount in instalments over 18 to 24 months. Written permission is needed from the curator when the instalment agreement is accepted. Therefore, if you owe R500 000.00 you may repay the R160 000.00 in instalments of R6666.66 per month for 24 months – with no further interest or costs thereon.
To generate the money in terms of the Rules of Court the following is done:
* Failure to comply with the arrangements made with the curator will result in removal of the furniture.
IT IS IMPORTANT TO NOTE THAT ANY PROPERTY, MOVABLE OR IMMOVABLE, REGISTERED IN YOUR NAME HAVE TO BE DEALT WITH IN THE SEQUESTRATION. ANY MOVABLE OR IMMOVABLE PROPERTY IS AN ASSET AND SHOULD BE DEALT WITH ACCORDINGLY.
There are false advertisements in the newspapers informing people that they will be able to keep their immovable property, but after three months they have a rude awakening and are notified to vacate the property.
Vehicles paid by you but registered in another person’s name will not form part of the estate.
Most important: FINANCIAL FREEDOM – NO MORE SLEEPLESS NIGHTS – you and your family can start afresh, a new beginning. You do not have to be afraid of unknown numbers on your mobile. It is better to face a problem and sort it out rather than run away from it. It will not disappear.
Maritha Botha Insvolvensies 1st Floor, 1 Roslyn street, Brackenfell, Cape Town, 7550