“We as a broker establishment will refer your application to the appropriate organization where your request will get the best results and also enjoy the quality of service from our appointed specialists.”
Good day, ……………………………
VOLUNTARY SURRENDER AND HOW WILL YOU BENEFIT FROM IT
THIS PROGRAM CAN REMOVE YOU FROM DEBT REVIEW
· If you do not own a fixed property, all your debt will be included in the application and once your contribution percentage has been paid the balance of all debt is written off. “ full proses is 2 years”
· You will no longer need to communicate with any of your creditors. Our attorneys appointed to deal with the surrender of your estate will handle all further communications with your creditors.
· After your voluntary surrender, your FULL income will remain your own.
· All garnishee orders against your salary will be stopped or canceled as soon as the court order has been granted and the necessary documents sent through to your HR department.
· You will be able to keep your vehicle if not financed by ABSA.
· You do NOT have to attend court.
· If you did not own a fixed property, you will be able to apply for rehabilitation within 18 months after your voluntary surrender process has been completed.
· After rehabilitation, your credit record will be cleared and you can continue debt free with your life.
· You will be insolvent for at least the next 24 months if you don’t own fixed property.
· For your insolvency period, you will not be creditworthy and cannot acquire new debt.
· You may not have a current account or a credit card facility. You may under no circumstances acquire any debt whatsoever.
THE VOLUNTARY SURRENDER PROCESS:
· You will be required to complete an application form with your personal information as well as information regarding your creditors.
· Upon receipt of your fully completed application form as well as the required documents, we will forward your application form for finalization.
· It is important to note that we are not in a position to give you any formal legal advice, but will refer your application to our Attorneys, who will provide you with all the necessary legal advice that you may require.
THE PROCESS WILL INVOLVE THE FOLLOWING:
· The attorney will publish an advert in the Government Gazette.
· Thereafter a registered letter is forwarded to all your creditors as notice of the surrendering of your estate.
· Your creditors will then contact our attorneys. You will also be provided with the same notice to enable you to forward to problematic creditors.
· The South African Revenue Services are also notified, even if you are not registered with SARS.
· On the day of the Court proceedings, an Advocate will represent you; there will be no need to attend any court hearing in person.
· After the application has been approved and granted by the Court, a curator is appointed to handle all financial matters on your behalf.
· The curator will contact you to arrange a consultation to explain the details to you and to confirm details in respect of your assets.
· Failure to comply with the arrangement made with the curator may result in removal of the furniture.
WHAT COSTS ARE INVOLVED?
· The lawyer's Fee will be a once off Charge or if arrangements were made its possible to pay over two or three months. The amount will depend on the flexibility of your accounts and debt amount.
· A quotation will be provided as soon as a full assessment of your profile is done.
· Apart from the administrative fee, the court rules regarding Voluntary Surrender determine that you need to pay anything between 22c – 31c for every R 1.00 owed to your credit providers. “up to 70% of your debt can be discarded”
· After the 18 months, your debt will be paid in full but your name still needs to be cleared on various systems.
· Rehabilitation takes 6 months to clear your name after the Voluntary Surrender process has been completed
· An admin track and trace fee of R 300.00 per month will be deducted per debit order on the new account as soon as your Voluntary surrender start “The R 300.00 is already included in your installment”
Trust you will find all in Order, attached is an application form and sample just in case.
Until next time