Introduction:
The Financial Rehabilitation Process is a separate court application after the Sequestration application. The Financial Rehabilitation Process consists of three parts.
Three parts of the Financial Rehabilitation Process
1. A rehabilitation order received from the High Court
2. An ITC clearance from the credit bureaus.
3. Rebuilding your credit score.
What exactly is the Financial Rehabilitation Process?
The Financial Rehabilitation Process is a legal process that occurs by order of the South African High Court, in which the Insolvent is pronounced financially fit and proper after Insolvency.
When can an Insolvent pursue the Rehabilitation after Sequestration?
After being sequestrated, an insolvent party can apply for financial rehabilitation.
What benefits do Financial Rehabilitation after Insolvency hold for the Insolvent Party?
Because of the Rehabilitation order, you'll get out from sequestration and can start living a debt free life again. After completing the financial rehabilitation process the consumer will be able to make debts once again.
Rehabilitation after Insolvency a Legal Requirement? Yes / No?
No, Rehabilitation after sequestration is not required after you have been declared insolvent. But it can be beneficial to you in certain circumstances. Because the Insolvent status is changed to Rehabilitated. For instance, when you want to buy a house or need to rebuild your credit name for business purposes. This is normally when an insolvent would like his/her credit worthiness to be reinstated.
Statutory RehabilitationAccording to the
Insolvency Act, Act 24 of 1936, a person is automatically rehabilitated after a period of ten years passed from the date of sequestration. Which implies that if an insolvent doesn't seek Financial Rehabilitation after Sequestration, he/she/they will be rehabilitated automatically.
BUT,
only after ten years from date of sequestration. Therefore, there will be no necessity, to start any official financial rehabilitation process, once the ten-year period from date of sequestration prescribed.
When am I eligible for the Financial Rehabilitation Process?
You'll be able to apply for rehabilitation after bankruptcy from as little as six months since your Sequestration order was granted. However, it will depend on what’s happened on the Insolvent Estate after date of Sequestration.
How will it be determined if an Insolvent qualify for the Financial Rehabilitation Process.
The Insolvency Act contains seven sections that address the eight scenarios in which an application for rehabilitation after insolvency can be brought in the High Court. Therefore, it is always better to talk to one of our professional, knowledgeable, consultants. They'll be able to provide you with the best possible information and advice about Financial Rehabilitation after Sequestration.
Completing the Financial Rehabilitation Process evaluation forms
These forms are purely to provide us with the relevant information pertaining to your Insolvent Estate. This will enable us to provide you with the best advice in terms of Financial Rehabilitation after Sequestration.
Who will contact the appointed Trustee?
We'll be able to contact the trustee to ascertain to the status of the estate and calculate the timeline per the rules and regulations in terms of the Insolvency Act, pertaining to the financial rehabilitation process.
What is the cost for a Rehabilitation evaluation and will is it compulsory to continue with the process once these forms are submitted?
Evaluations are obligation free. Therefore, evaluation and consultation to inform of the way forward is also
FREE.
THE FINANCIAL REHABILITATION PROCESS
1. Notice in the Government Gazette
A notification is published in the Government Gazette once we have determined that we can proceed with your Rehabilitation Application.
2. Reports
A report is needed from both the Curator and the Master of the High Court, which grants authority to file a rehabilitation application.
3. Affidavits
An affidavit is prepared for the Applicant to sign before a Commissioner of Oaths, and a rehabilitation application is filed with the High Court.
4. The day in Court
An Advocate will present the application on your behalf at the court date.
Do I need to attend court on the application date?
You are not required to attend the court hearing in person. We will send you a copy of the Rehabilitation Order and notify you of the outcome.
Clearance of ITC.
This is only possible once the Debt Rehabilitation Order has been granted in the High Court of South Africa.
However, it doesn't mean that because the High Court granted a rehabilitation order that all adverse listings will be removed from the rehabilitated insolvents' credit profile.
Does it happen that there’s no adverse listings once the financial rehabilitation order has been granted?
Occasionally, it happens that there’s no adverse listings on the clients' credit profile. But it's dependent upon the time that lapsed from the date of sequestration to financial rehabilitation. There might be some defaults listed against your name. However, we will do an analysis of your credit profile and will provide you with the relevant information, advice, and assistance in clearing your credit name and rebuilding your credit score. (Terms and conditions apply).
ADVANTAGES OF APPLYING FOR REHABILITION AFTER INSOLVENCY
1. The individual/s will be able to rebuild their credit score.
2. They'll be able to receive an inheritance, once again without it being seized in an insolvent estate.
4. Once a person has been rehabilitated, banks have no trouble issuing bonds or other obligations.
5. The individual will be allowed to a Director of a Company again.
Not all creditors claimed from the insolvent estate, now that I'm financially rehabilitated. Am I still responsible for these outstanding accounts?
NO, not at all. If any of the creditors did not submit their claims against the insolvent estate those debts will be written off. If the debts were submitted and the bank sold the debts to a debt collection company, the debts are still written off.
How to get rid of the Debt Collectors, if they start calling after I've gone through the Financial Rehabilitation Process?
DON’T make any arrangements to pay these debts. Send the creditors the sequestration order and block the numbers. Remember that all debt collectors will always try to intimidate you to make payments, even after sequestration. Don’t doubt the system. Once you're insolvent all debts formed part of the insolvent estate, you are not liable to pay it anymore, especially not after the rehabilitation process. You start a fresh with R0.00 (ZERO) debt.
What if I don’t qualify for Financial Rehabilitation Process?
No problem, we don’t charge anything before the evaluation. Unlike so many companies, we belief that you should not pay for something if we cannot help you right away. Therefore, you have nothing to lose. We will do the evaluation. Where after we will revert in terms of a timeframe, when you’ll qualify for the financial rehabilitation process.
Consumers can benefit from this FREE evaluation.
Further to this we will diarise the file, free of charge to the date that the Insolvent/s qualify for the financial rehabilitation process. We will contact the insolvent once he/she/they qualify for the financial rehabilitation process and will provide a quotation. Where after the consumer can decide whether he/she/they are still interested to continue with the financial rehabilitation process or not. If the answer is no, we will close our file at no extra charge.
Cost for the Financial Rehabilitation Process?
Cost is dependent on the following:
1. The province where the sequestration application was granted.
2. After evaluation, whether there’s a shortfall on the estate or not.
3. The section in terms of the act we’ll use in this application.
When will a quote be provided in terms of the Rehabilitation Process?
A quote will be provided upon completion of the assessment. Don’t look so worried, you’ll be able to afford it, and if not, easy payment plans are available if necessary.
VERY IMPORTANT TO REMEMBER – If you don’t complete our evaluation form, you’ll never know if you qualify for the financial rehabilitation process.
Complete the form today. You have nothing to lose and everything to gain.
In Conclusion:
Don't wait. We can help you. Because you want the best possible outcome, it is of utmost importance to find the right company to assist you in this endeavour to ensure that the matter is dealt with in a professional manner and that it is a reputable company that will provide you with the correct information pertaining to your financial situation.
Finding a Debt Relief Specialist: PLEASE HELP!
Need help finding a Debt Relief Specialist to assist with the best solution for your specific financial situation? We can help you! BECOME DEBT-FREE TODAY!
WHERE DO I FIND A DEBT RELIEF SPECIALIST?
Cure Debt: Your Debt Specialist: Don’t wait until it’s too late; CALL NOW! WHY SHOULD YOU TRUST CURE DEBT WITH YOUR FINANCIAL DIFFICULTIES?
We care about you and how this process will affect you. We know and understand that if you decide not to continue with the process, we will lose money.
But it is not about the money; it is about helping people get out of financial distress. To help you
START LIVING AGAIN.
What does Cure Debt offer?
We worked with several professionals, specializing in their different fields, to serve our clients. With a combined experience of more than 120 years. We can proudly state that 'We are the best in the business of helping people and businesses
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Debt Review | Debt Counseling | Debt Mediation & Restructuring | Cancellation of the Debt Review | Sequestration | Rehabilitation | Liquidation | Credit Clearance of Credit Score | Business Rescue, etc.
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