Debt Counseling

DEBT RELIEF SOLUTIONS WE OFFER:

Although the DebtSenseGroup believes in and recommends debt counselling as the best debt relief option, there are times where other alternatives need to be considered.

We are able to offer the following:

DEBT SOLUTIONS:

DEBT COUNSELLING:

Go to “What is Debt Counselling Tab

ADMINISTRATION:

This is also a statutory mechanism available to over-indebted consumers, but is more suitable to addressing situations where a consumer’s aggregate indebtedness is less then R50000,00. The efficacy of the administration process and the protection it provides against creditors is equal to the debt counselling process provided that not all catagories of debt can be placed under administration, for example, home loans and motor vehicle installments.

INSOLVENCY:

To be insolvent primarily means that the liabilities of a consumer exceeds his assets. The consumer in reality has no reasonable course of repaying his liabilities.

Sequestration/Liquidation is a serious option to persue and only to be persued if other debt relief mechanisms are unavailable. Amongst others it entails that a consumer’s assets are sold, the proceeds of which are utlised to settle his debts and the consumer starting afresh with a new estate. A consumer will only be able to be sequestrated/liquidated if it is in the best interest of his creditors.

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