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Sequestration without Property

VOLUNTARY SURRENDER

WITHOUT PROPERTY

 (When there is NO bond)

  1. The Court Rules determine that you pay an agreed percentage of the debt. This percentage varies from province to province. For example, if your total debt is R148696.43 Contribution amount will be R60713.21. This amount includes attorney and curator cost so you will not be caught off-guard with unexpected costs. The benefit of this formal legal process is that you can settle the amount in instalments over 18 to 24 months. In this case 18 payments of R3372.95
  2. To generate the money in terms of the Rules of Court the following is done:
  3. On your application form, there will be a form that you can list your general household items where you have to identify your assets and describe each item in detail e.g. TV – Lg 54cm etc.
  4. This document will be forwarded to the evaluator, who will contact you and arrange for a visit to establish the value of the items. This is to verify the value of the movable assets according to the Rules of the High Court.
  5. The only purpose for this is because you are doing a surrendering of your estate with movable assets with no fixed property. The curator will prepare a purchase agreement, for the contribution amount. “This is only paperwork” NO ASSETS WILL BE REMOVED.
  6. Failure to pay your monthly contribution payment will result in the removal of the furniture.
  7. We will communicate with you on a regular basis to inform the progress of your application.

WHAT HAPPENS WHEN YOUR HOUSE IS PAID UP?

When your house is paid up and registered on your name it will form part of the application of sequestration. If it is in a trust and you are not a trustee you will keep it.

WHAT HAPPENS TO YOUR VEHICLE?

  1. If you bought your vehicle on hire-purchase (HP), the court rules determine that the bank can reposes the vehicle, and if you want to make any arrangement with the bank concerning your vehicle it would be at your own risk if the bank takes back the vehicle at a later stage.
  2. Your vehicles are relatively safe if it was bought on a lease agreement as long as the payments are kept up to date, and the decision stays with the Bank because a lease doesn’t fall under sequestration. The Banks normally don’t have a problem as long as there is insurance on the vehicle and the instalment is paid.
  3. If the vehicle is registered on somebody else’s name already, there would be no danger that the bank will reposes the vehicle.
  4. If the vehicle is on your name but paid up, you will keep it.

COSTS REGARDING SURRENDERING OF YOUR ESTATE

  1. Everybody situation is different and the cost will be calculated accordingly. Let me first give you a free quotation.
    We don’t want you to pay any unnecessary cost and therefore we kept the cost to start the surrendering of your estate as low as possible. All the above are the true facts and further, we want to remind you that if you received summonses or the sheriff visited you already, we have to get the ball rolling as soon as possible.
  2. If you are married out of community of property, it will be two applications and therefore the costs would be double the amount.

We don’t want you to pay any unnecessary cost and therefore we kept the cost to start the surrendering of your estate as low as possible.

All the above are the true facts and further, we want to remind you that if you received summonses or the sheriff visited you already, we have to get the ball rolling as soon as possible.

Download Sequestration Application Form

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