A financed property should be sold first before applying.

This can be done by:

1. Approaching an estate agent.

2. The quick sale department of the bank that is financing your property. They will try to sell the property for you over a 3-6 month period and in many instances will allow you to live in the property for that period without having to pay the Bond Installment.

3. Approach an auction house.

If your property has already been repossessed then the shortfall from selling the property will be included in the Sequestration.

Once you are rehabilitated you can own a home again or apply for a new bond.

A financed vehicle will:

1. Have to be returned to the bank.

2. Can be sold and you can keep the profit.

3. Can be sold and the shortfall can be included in the Sequestration.

4. Can be transferred/sold to a friend or family member. Sometimes employers are prepared to by the car from you and then deduct the installment from you salary until settled. The vehicle at that point can be transferred back to you once settled.

A paid off or settled vehicle:

You can keep the vehicle. It will not be repossessed.

Once you are rehabilitated you can apply for vehicle finance again.

Yes. You are now operating in a new estate. Your old estate is written off.

Once the curator is appointed will instruct you to do so. You will also be required to notify SARS of your new bank account when you apply for the new tax number.

Why? If you do not change your tax number and bank account all refunds or rebates will be allocated to your old tax number and therefore form part of the benefit to the Credit Providers.

If you obtain a new Tax Number and bank account this will not occur.

1. You cannot be a member of a closed corporation or PTY Ltd.

2. You cannot administrate a Trust Account.

3. Your credit report will reflect that you are sequestrated.

4. If you work as a Tax consultant, broker ro financial adviser - or in any financial position you may struggle to find new employment. Your company can end your employment if there is a clause in your contract about being Sequestrated.

5. You can rent from owners, but probably not from rental agents.

You have the right to the above as long as you can afford to pay the monthly premiums.

If your cellphone contract is up to date you can continue to use the services. You will not be able to upgrade to a new contract. You will stay on the same contract for as long as keep the payments up to date.

If you are in arrears the outstanding contractual agreement will form part of the Sequestration.

You can use "pay as you go."

Yes. As a matter of fact, your are guaranteed a successful outcome if you have tried Debt Review first.

Try not to deal with Credit Providers yourself. We will handle credit providers on your behalf.

You will be given a copy of the registered letters we send to your Credit Providers stating that the application is in progress. Once Voluntary Surrender is granted we will also provide you with a copy of your Court Order. You can send this to your Credit Providers as proof if necessary, but under no circumstances pay them any additional money.

Unfortunately most Credit Providers have large call centres manned by unsympathetic consultants who are paid commission for collecting money from you. They will call you and threaten you to make payment. Don't. This will eventually come to an end 3-6 months after the court order is granted.

We can't pretend that we will always succeed, but on a balance of probabilities we have been 99% successful with our previous applications since we started assisting consumers with Voluntary Surrender. In the last 5 years we have been 100% successful in finalising applications.

The success of your application is based on a number of factors which is determined by the judge that oversees your application in court.

Your future income is protected and legally prohibits Credit Providers from obtaining garnishee orders or emolument attachments for outstanding debt.

Existing garnishee orders and emolument attachments will be removed from your salary through the Voluntary Surrender Court Order.

No. Section 23(7) of the Insolvency Act prohibits the attachment of your pension, and annuity funds or any other funds that fall under the Pensions Act.

Yes. The sequestration does not affect a maintenance order. You can obviously approach the maintenance court to reduce your maintenance.

No.

Exceptions:

If you owe your employer money then they will be notified by your Trustee, unless you intend to settle the debt with your employer.

Some professions require that you complete a financial declaration as part of your employent contract. Cash Sequestration forms part of this declaration and you may be required to disclose your status.

For obvious reasons though, if you want to keep your Cash Sequestration under wraps it is wise to be careful who you share the information with at work.

If tools of the trade are still being financed, they will form part of your insolvent estate.

If you don't owe any money on your tools of trade or equipment then you can keep your tools as they are needed to generate an income.