Repossession. How to prevent, stop and avoid

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Repossession. How to prevent, stop and avoid house and car repossession in South Africa.

The first thing to understand is that the banking institutions will only pursue legal action once other options of normal collection have been tested hence your visit to our site.

If your account is in arrears because of non payment you a probably facing imminent legal action an therefore we urge you to consult with us about your options.

We offer a few options because we want to give you choices, that will help you prevent repossession. It all depends on where your account currently lies in terms of arrears, legals and most of all attachment. These options include Debt counselling and Debt review as well as Insolvency and Sequestration 

Below are three options that we can advise you on and we strongly suggest that you read information on the three processes on our respective websites. Remember that you might not qualify for a certain process. We need to assess your situation and will the advise you accordingly.

Debt counselling and Debt review will only prevent repossession if you have not yet received a Section 129 Notice in terms of the Credit Act.

Insolvency and Sequestration will prevent the immediate repossession but you will eventually have to sell your house to generate funds. This option will always be our last resort.

If we quantify your property and the figures work out we can offer you a deal based on our two options. If however the figures do not work and you are too late for debt review, we must consider Insolvency

 

 

By | 2017-01-16T07:44:31+00:00 January 16th, 2017|Uncategorized|0 Comments

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