JSFLAW

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ITC CLEARANCE

PLEASE CONTACT OUR OFFICES IF YOU SHOULD NEED FURTHER ASSISTANCE IN THIS ABOVE PRODUCT.

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DEBT MANAGEMENT

PLEASE CONTACT OUR OFFICES IF YOU SHOULD NEED FURTHER ASSISTANCE IN THIS ABOVE PRODUCT.

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LIQUIDATIONS

PLEASE CONTACT OUR OFFICES IF YOU SHOULD NEED FURTHER ASSISTANCE IN THIS ABOVE PRODUCT.

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SEQUESTRATIONS

WHAT IS SEQUESTRATION AND HOW WILL YOU BENEFIT FROM IT?

  • Sequestration is a legal process by which you are declared insolvent by an Order in the High Court
  • After a Trustee is appointed according to the rules of the Insolvency Act
  • You will be able to adjust your lifestyle to be in line with your available budget, without creditor headaches.

WHAT ARE THE ADVANTAGES?

  • If you own a fixed property that is bonded, all your debt will be written of once the order for the surrender of your estate has been granted.
  • If you do not own a fixed property, all your debt will be included in the application and once your contribution percentage has been paid the balance of all debt is written off.
  • You will no longer need to communicate with any of your creditors JSFLAW deal with the surrender of your estate will handle all further communications with your creditors.
  • After your voluntary surrender your FULL income will remain your own.
  • All garnishee orders against your salary will be stopped or cancelled the Court Order has been granted and the necessary documents sent through to your HR department.
  • You will be able to Keep your movable
  • You will be able to keep your vehicle if it is not financed and in certain circumstances where the vehicle is leased.
  • You do NOT need to appear in court.
  • You will be able to apply for rehabilitation
  • After rehabilitation your credit record will be cleared and you can continue Debt Free with your life.

WHAT ARE THE DISADVANTAGES?

  • You will be insolvent for at least the next 6 months, 12 months, 16 months, 18 months, or 25 months depending on the installment payments towards your Contribution payment.
  • You need to apply for rehabilitation after your sequestration period is over

THE SEQUESTRATION PROCESS:

  • You will be required to complete an application form with your personal information as well as information regarding your creditors.
  • Upon receipt of your fully completed application form as well as payment of the required fee, we will proceed with your application.

THE PROCESS WILL INVOLVE THE FOLLOWING:

  • We will publish an advert in the Government Gazette and in a local newspaper
  • This document is submitted for inspection at the Master of the High Court for 14 days or with the local Magistrate’s Court.
  • Your creditors thus contact me for information. You will also be provided with the same notice to enable you to forward to problematic creditors.
  • The South African Revenue Services are also notified, even if you are not registered with SARS.
  • At the day of the Court proceedings an Advocate will represent you; there will be no need to attend any court hearing in person.
  • After the application has been approved and granted by the Court, a curator is appointed to handle all financial matters on your behalf.
  • The curator will contact you to arrange a consultation to explain the details to you and to confirm details in respect of your assets.

WHAT COSTS ARE INVOLVED?

  • Contribution Fees are payable over 6 months, 12 months, 18 months or 20 months. A quotation will be provided as soon as an assessment of your profile is done.
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HOME LOANS

SALARIED APPLICATIONS

  • Latest 3 months consecutive pay slips. Must be verifiable in bank account
  • If in receipt of allowance, commissions or variable pay, then 6 months latest consecutive pay slips are required
  • Detailed income and Expenditure statements, signed by the applicant
  • Latest 3 months bank statements, stamped by the bank, not Internet statements
  • If in receipt of variable income, then 6 months’ latest statements will be required
  • If applicant is not a SA citizen, copy of residence and work permits
  • Rental contracts in respect of any rental income which may be used in assessing affordability
  • Clear copy of Identity document(s)
  • Offer to Purchase( Providing correct property & sales details upfront and to be signed by all parties

SELF-EMPLOYED APPLICANTS (INCLDINGE SOLE PROPRIETORS AND SMALL BUSINESSES)

  • Latest 2 years audited business financial statements
  • Letter from auditor confirming personal income
  • If Financials are more than 6 months old, then up-to-date, signed management account are required
  • Cash flow forecast for ensuing twelve months
  • Personal statements of Assets and Liabilities
  • Personal & Business bank statements
  • IT 34
  • Identity document(s) of directors/members/trustees
  • Offer to Purchase –Providing correct property & sales details upfront
 
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REHABILITATIONS

After  your sequestration has been  paid up, you can apply for a rehabilitation process.  It follows the same route as a sequestration process. In an Application for a Rehabilitation Process, the  application goes to the Supreme Court where your status will be changed from “INSOLVENT” to “SOLVENT” This action will take 6 weeks to complete.

PLEASE CONTACT OUR OFFICES SHOULD YOU NEED FURTHER ASSISTANCE

 
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