What Is Sequestration?
Sequestration is administered in terms of the Insolvency Act and all your debt is written off.
It’s A Good Idea To Sequestrate If:
- You are unable to pay your debt monthly
- You are falling behind with payments
- You have been without work, found employment, but are behind
- Debt review did not work for you
- Your house is going on auction
- The bank is going to take back your vehicle
What Will The Sequestration Process Be?
- Letters go out to all creditors informing them of the sequestration
- You will not pay any creditors at all
- A court date is applied and the application is handed in
- You get a court order
- Trustee is appointed to administer your estate
- You are under sequestration for 4 years
- We rehabilitate you thereafter
Questions That Are Often Asked:
Q: Do I get to keep my house?
A: No! The house can’t be saved
Q: Car on installment?
A: Yes. You will lose it
Q: My car is paid up?
A: You will not lose your car
Q: What about my salary?
A: No one may touch your salary
Q: What happens to my furniture?
A: If payments are still being made on it, then you will lose it.