Frequently asked questions
Will my friends and family find out?
No. Your Voluntary surrender is confidential. We will not inform anybody of your status. However, Credit Provider, new employers, rental agents etc. who conduct credit checks will have access to this information. In any of the above examples it is important to be honest and transparent regarding your situation. Make use of references to verify your credibility and integrity where employment offers and rental agents are concerned.
What do I tell my Credit Providers?
Try not to deal with Credit Providers yourself. We will handle credit providers on your behalf.
Will my application for Voluntary Surrender succeed?
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.
Can I apply for Voluntary surrender while under Debt Review?
Yes. As a matter of fact, your are guaranteed a successful outcome if you have tried Debt Review first.
Will my current employer be informed of the application for Voluntary Surrender?
Is my income protected?
Your future income is protected and legally prohibits Credit Providers from obtaining garnishee orders or emolument attachments for outstanding debt.
Can I be a member of a Closed Corporation or a Director of a Company?
Not really, although it is entirely dependent on your Trustee and under a curtain set of circumstances. In some instances you can ask your Trustee to give you a letter allowing you to be a member of a Company or PTY. This is the exception rather than the rule.
Can any equipment or tools I need for work be repossessed?
If tools of the trade are still being financed, they will form part of your insolvent estate.
Can my pension be attached?
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.
Do I have to pay child maintenance?
Yes. The sequestration does not affect a maintenance order. You can obviously approach the maintenance court to reduce your maintenance.