Moving from debt counselling to Voluntary Surrender of Estate
Debt counselling seems to have always been the go-to safe house for over-indebted individuals.
They could enjoy the relief from creditors while being guided on a path of individual credit status recovery to eventually clear their name.
The word “could” is used here for a reason. Reality is, debt counselling can take years, even decades and, owing to the fact that interest is still being charged on owed amounts, it tends to be the latter.
A lesser-known debt elimination option for over-indebted individuals is Voluntary Surrender of Estate, and don’t worry, you won’t be surrendering anything but your debt and subsequently bad credit score.
Whereas debt counselling takes as long as it takes you to chip away on interest and the capital value of your debt, Voluntary Surrender of Estate only takes at most 23 months.
You also pay back a lower value than what you owe due to you being held accountable for 22c to the rand.
Senator Counsellors have been pioneers in the development and execution of Voluntary Surrender of Estate. Rather than paying the full amount of legal fees upfront, they are permitted to allow their clients to pay the legal fees as monthly instalments that are included in the 23-month period.
After the 23-month period is over, you will be cleared of your debt.
Some more advantages of Voluntary Surrender of Estate include:
- You are protected by court order from your creditors
- An advocate does all negotiations for you, so you don’t have to appear in court
- Your salary is safe from garnishee orders and collection debit orders
- Your moveable assets remain your property
- You can still drive your financed car for a few months
- You can still stay at your financed house for a few months
- You pay back less than what you owe, interest free
- ALL debt declared and accepted under the Voluntary Surrender of Estate process will be written off
Many people make the assumption that debt counselling is the safest option when it comes to bad debt recovery. Unfortunately, in our current economic climate, many of those people have found themselves owing more than what they did when they had started.
Senator Counsellors can help you start your road to full and fast recovery today.
