Voluntary Surrender has Proven Effective
There are numerous debt relief courses of action available to South African’s who have difficulty paying back debt. If you are an insolvent consumer(meaning that your liabilities exceed your assets), Voluntary Surrender has proven effective and can give you the chance to resolve your debt over a shorter time-frame. At Need-a-loan, we advise clients with debt above R100 000 without a house or vehicle in their name to consider Voluntary Surrender as the best way forward.
At Need-a-loan, we can assist client’s undergoing the legal process of Voluntary Surrender with a professional and trusted service. You have the power to take back control through the Voluntary Surrender process, by doing what is necessary in order to avoid repossession of your assets, which takes a heavy toll on your personal life and is not always handled in a discreet manner. The Voluntary Surrender process is straightforward and uncomplicated, according to section 127 of the National Credit Act (NCA) 34 of 2005, which refers to the surrender of goods.
The process of Voluntary Surrender proceeds as follows: once you have been declared insolvent in court, they will appoint a curator to oversee the valuation and selling of assets that belong to you, while also ensuring that your creditors are fairly compensated. Once all your assets sell, up to 80% of your debt will be dealt with, and a new repayment agreement can be drawn up, allowing you to pay back the remainder of what is owed to creditors over 18 months without interest, or else all at once in cash. Once the sequestration process is over, our team at Need-a-loan can assist you in applying to the court for rehabilitation, improving your credit status.
As you undergo Voluntary Surrender, your salary remains yours and the process proceeds as discreetly as possible – your employer does not get notified. You will no longer have to deal with harassing calls from creditors, as we will be liaising with them on your behalf. Another benefit of Voluntary Surrender is that you will avoid repossession and do not have to worry about the prospect of legal action being taken against you.