The peace of mind sequestration service 078 263 3548 info@ursulagouws.co.za

Sequestration vs. Debt Counseling

I believe that there is a place for Sequestration and Debt Review / Counseling in our economy. The secret is to find the solution that is right for you.

Here is a financial comparison between the two processes: This is a real client’s numbers.

Cost of Voluntary Sequestration

The total debt for the client is R364 522.17

Total period to rehabilitation – 4 years

Total payment period to Ursula Gouws Consulting – A small affordable Once off payment

Your contribution will be paid at approximately 25c to a rand; in this case – R92 000.00
We make it easily affordable.

You cannot access any debt for the time that you are under sequestration.

You will get finance for a car 6 months after your rehabilitation and 12 months for a bond.

Cost of Debt Review / Counseling

The total debt for the client is R364 522.17

Total repayment period – 60 months: 5 Years

Total Payment Period to Debt Counselor – 5 Years Total amount paid to Debt counselor R34 314.00

The Debt of R 364 522.00 will be repaid at approx R451 687.00 – if the creditors accept the reduced interest rates.

If the creditors do not accept the reduced interest rates then the debt will be repaid over a longer period.

You cannot access any debt for the time that you are under debt counseling.

Let your peace of mind start today

 

Sequestration

Ursula Gouws Official Logo - Bankruptcy and insolvency services South AfricaApplication is brought in the High Court of South Africa. The application can be enrolled within five weeks.
Ursula Gouws Official Logo - Bankruptcy and insolvency services South AfricaCourt rules entail that all creditors are included and that the court orders must be accepted by all creditors.

Ursula Gouws Official Logo - Bankruptcy and insolvency services South AfricaNo maximum debt for application to be lodged.
Ursula Gouws Official Logo - Bankruptcy and insolvency services South AfricaShould you owe, for example, an amount of R100,000 you only pay back R36,000 (25cents to every rand owing) – it does not accrue interest, & you get 18 months to pay.
Ursula Gouws Official Logo - Bankruptcy and insolvency services South AfricaNo further debt can be made.
Ursula Gouws Official Logo - Bankruptcy and insolvency services South AfricaYou pay the money direct to the curator/trustee.
Ursula Gouws Official Logo - Bankruptcy and insolvency services South AfricaShould you have an immovable asset (house) it will be sold by the curator/trustee to pay the creditors.
Debt Counseling

Ursula Gouws Official Logo - Bankruptcy and insolvency services South AfricaApplication is made in the Magistrate Court but it can take up to a year before it is enrolled.
Ursula Gouws Official Logo - Bankruptcy and insolvency services South AfricaDebt is excluded that has already been handed over to attorneys for legal action.

Ursula Gouws Official Logo - Bankruptcy and insolvency services South AfricaNo maximum debt to apply.
Ursula Gouws Official Logo - Bankruptcy and insolvency services South AfricaYou pay the entire amount plus interest and costs. This can take up to 30 years.
Ursula Gouws Official Logo - Bankruptcy and insolvency services South AfricaNo further debt can be made.
Ursula Gouws Official Logo - Bankruptcy and insolvency services South AfricaMonies are paid to a distributing agent and they pay the creditors.
Ursula Gouws Official Logo - Bankruptcy and insolvency services South AfricaShould you have an immovable asset (house) you may keep it if the bank has accepted a minimum payment and legal action has not yet been taken.
Administration

Ursula Gouws Official Logo - Bankruptcy and insolvency services South AfricaApplication is made in the Magistrate Court. Application is enrolled within two months.
Ursula Gouws Official Logo - Bankruptcy and insolvency services South Africa“Cash loans” agreements are excluded from an administration and you have to still pay the monies outstanding.

Ursula Gouws Official Logo - Bankruptcy and insolvency services South AfricaThe maximum debt for administration is R50,000.00.
Ursula Gouws Official Logo - Bankruptcy and insolvency services South AfricaShould you owe, for example, R50, 000.00 it still accrues interest and costs. In other words you will pay back approximately R132,000.00
Ursula Gouws Official Logo - Bankruptcy and insolvency services South AfricaNo further debt can be made.
Ursula Gouws Official Logo - Bankruptcy and insolvency services South AfricaYour employer must give permission that the repayment amount is deducted straight from your salary.
Ursula Gouws Official Logo - Bankruptcy and insolvency services South AfricaShould you have immovable assets; you must still pay the premiums and can keep the property.

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