Voluntary Surrender

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  • The purpose of Voluntary Surrender is to help you make a fresh start financially and emotionally. If you are no longer capable to pay your creditors, then Voluntary Surrender is the answer. Voluntary Surrender is a legal process through the High Court where a Trustee is appointed.
  • As soon as a court order is granted, no creditor is allowed to demand payment form you or continue with any kind of legal action against you. Should you have any garnishee orders against your salary, it must be cancelled immediately. Surrendering your estate through Voluntary Surrender will enable you to regain normality in your financial affairs. You will be able to adjust your lifestyle to be in line with your available budget, without creditor headaches. We want to help you obtain financial freedom.

 

  • If you own a fixed property that is bonded, 80% of your debt will be written off once the order for the surrender of your estate has been granted.

  • If you do not own a fixed property, 80% your debt will be included in the application and once your contribution percentage has been paid, the balance of all debt is written off.

  • You will not lose your movable property (furniture) if paid in full.

  • You will be able to keep your vehicle under certain circumstances.

  • Our advocates appears in the High Court on your behalf, and the attorney appointed will handle all further communication with your creditors.

  • You will only have one fixed payment to the Trustee. After this, your full Income will remain your own.

  • All garnishee orders against your salary will be stopped or cancelled as soon as the court order has been granted.

  • If you own a fixed property, you will be able to apply for rehabilitation within 4 years after your Voluntary Surrender of your estate.

  • If you do not own a fixed property, you will be able to apply for rehabilitation within 2 years after the Voluntary Surrender of your estate.

  • After rehabilitation, your credit record will be cleared.

  • Administrative Fee: A quotation will be provided as soon as an evaluation of your profile has been done.

  • Separately from the administrative fee, the court rules regarding sequestration, determine that you need to pay 22c for every R 1.00 owed to your credit providers.

  • You need to pay R 50 000, if for example you have debt to the amount of R 228 000.00. This amount can be paid over 20 months, which comes down to a monthly installment of R 2500.00 per month.

  • This however, does not apply when you own a fixed property.

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  • You will be required to complete an application form regarding information about your creditors as well as your personal information.

  • We will forward your application form to our attorneys upon receipt of your fully completed application form as well as payment of the required fee.

  • It is important to note that we will refer your application to our attorneys, who will provide you with all the necessary legal advice that you may require, since we are not in a position to give you any formal legal advice.

  • The attorney will publish an advert in the Government Gazette and in a local newspaper. This document is submitted for assessment at the Master of the High Court for 14 days or with the local Magistrate’s Court.

  • Thereafter a registered letter is forwarded to all your creditors, to become aware of the surrendering of your estate.

  • You will also be provided with the same notice to enable you to forward it to problematic creditors.

  • Even if you are not registered with SARS, The South African Revenue Services are also notified.

  • There will be no need for you to attend any court hearing in person, since an advocate will represent you at the day of the Court proceedings.

  • A curator is appointed to handle all financial matters on your behalf after the application has been approved and granted by the Court.

  • The curator will contact you to arrange a consultation to confirm the details in respect of your assets and to explain all the details to you. (Failure to act in accordance with the arrangement made with the curator may result in removal of your furniture.)

  • For your insolvency period, you will not be credit worthy.

  • You may however, under certain circumstances, request permission from your curator to apply for credit.

  • You may under no circumstances incur any debt, and may neither have a current account nor a credit card facility.

  • If you did not own fixed property you will be insolvent for at least 18 months, and if you did own fixed property it would be for a period of 4 years.

  • After your sequestration period is over, you will need to apply for rehabilitation which is a standard procedure.

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