New repayment agreement

A New Repayment Agreement with Voluntary Surrender

Following the process of voluntary surrender can save both your happiness in addition to your assets being repossessed. This procedure has been deemed effective on many separate occasions, where the end goal allows you to be one step closer to freedom from your debt. The steps of the voluntary surrender process are as follows:

  1. Declaring insolvency in court.
  2.  The valuation and selling of your assets.
  3. The drawing up of your new repayment agreement
  4. Paying back the remainder of your debt
  5. Our team will assist you in applying for debt rehabilitation
  6. Boost your credit status!

Declaring insolvency means your liabilities have far exceeded your assets. Voluntary surrender allows you to speed up the process of paying back pricy debt within a shorter period. It is recommended that the debt is higher than R100 000.00 and the consumer has no house or vehicle in their name.

Once you have been declared insolvent in court, a curator will see to it that all of your assets are valuated, seeing to it that each of your creditors is compensated appropriately. Once all of your assets have been evaluated and sold, your debt will be dealt with, up to 80% of the total.

This is when a new repayment agreement is drawn up. Once drawn up, this allows you to pay back the outstanding amount to your creditors over 18 months. This is ideal as it is interest-free, allowing you to avoid any accumulated interest. You also have the option of settling the entire payment in a once-off cash payment! Once the sequestration process has passed, our team of financial experts aid you in applying for debt rehabilitation in court. This means you are now well on your way to conquering debt and starting afresh!

Voluntary surrender allows you to keep your salary and discreetly proceed with the process. This means that your employer will not be notified, keeping your work environment sound and your confidence intact. Creditors will no longer be harassing you, as our team will be liaising with them on your behalf. You will no longer need to fight off creditors; you avoid the gruelling process of repossession in addition to not having legal action taken against you.

If you are currently over-indebted and do not have a property or vehicle in your name, let Need-A-Loan save you from your debt crisis!

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