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Thread: I do not understand Debt Counselling fully????

  1. #11
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    Hi Kevinb,
    Thanks for the reply!
    Yes they are paying the creditors as they send me a statement every so often to show the payments. Also I haven't heard anything from my creditors yet.

    Thanks though and I will keep checking!

  2. #12
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    Thanks Dave A,
    I agree and that's what worries me. The consequences would probably be severe but you cannot squeeze water from a rock.
    Okay, well not at the moment anyway. I know that my business will pickup soon. But how do I show the creditors this if I am on Debt Counseling?

    It seems as if the Debt Counselors are no longer interested in your problems once they have received their money which was all upfront. All I get from them is "Good Luck" and "Sequestration"

  3. #13
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    Hi Blurock,

    Thanks for your concern and valuable advice.
    I definitely agree it is due to the business. Probably my fault too as I am the business.
    I do "glass bonding" ie. UV Bonding is a process whereby, typically two pieces of glass are glued together using a UV curing adhesive, which is cured by either a UV light or UV activator. So I do showcases to all kinds of problems people have out there and also deal largely with shopfitting companies.
    I have a website and most of my business comes from them finding me on Google. I have also patented 3 swimming pool products one of which is called the "Stealth Filter Buddy". However, the big boys are keeping me out and the patent fees have definitely put a strain on my uvbonding business. At this stage "Stealth Pool Products" is being De-registered by Cipro as my accountant decided not to do the annual returns anymore as there was no money coming in to the business for awhile now.

    The big shame in all this is that It is definitely a great product and facilitates in the cleaning of the weir basket. All users so far have given good reviews and have sworn never to use the old type again.
    Builders Warehouse were keen to have it as there product but have never approached me again and I think it was politics mixed with Mass Mart.

    Life is just not fair and I am fed up.

    One of my friends works for OMSA (Operational Marketing) and is trying to get me to do some more Siemens electrical 'light current' installations for them. This definitely helped last year when I did a big installation for Savuka Gold Mine.
    If I could just do more of these I would be out of the poop in no time.

    My wife and I also started a website design and hosting company but is still in the infancy stages and requires more time to grow. It almost feels like I am fighting against time. It's as if you fall of a ship and are busy drowning. You know the ship is turning around because you can see it but it feels as if it won't be in time.

  4. #14
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    you should know your facts before making such comments on a live forum which are clearly false
    DCI ....... you seem quite arrogant with your postings at Murdock ............... well for your info the FACT is ......... a friend of myne paid monthly to a debt consolidation company who did not pay the correct amount over to the people he owed money to - they paid small amounts just to keep them quite and has ducked with the rest of the money !!!!! So that is the fact - which is not "false" as you state !

  5. #15
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    Hi DCI,

    I do agree with you and probably don't give credit to the debt counselors or the system as I should.

    Starting at the beginning, it did help me when we just started out as we didn't have to pay the first monthly payments when we first went on to Debt Review.

    My problem now is simply this. At that stage my accountant gave them a letter to state that I am earning R20'000 per month. In fact this has changed considerably. What happens now? Can they amend or re negotiate the initial agreed payment schedule because my situation has changed for the worse. I don't know and it seems like a mountain in front of me because I, number one, don't have the time because I am busy running around closing holes where I can and trying to get more business to stay alive. And number two, feels as if they won't do it because they want to make more money from me by their Sequestration Product which will cost me a further R15'000.

    So at the end of the day I feel as if I have sealed my own fate and wish I had never gone that route and rather did what Murdock suggested and that is to have played open cards with my creditors? In fact I did do this for awhile but eventually I started missing my agreed payments here and there and fell further behind.

    I definitely agree with Blurock, this is a "Own Business" generated problem and seriously need to get more business and quickly...

    I have since cut my DSTV off, gone to Outsurance for a lower insurance premium, stopped my household insurance etc. I also now plan my jobs and routes to save on petrol.

  6. #16
    Site Caretaker Dave A's Avatar
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    Gfacius - reading all those different irons you have in the fire, my kneejerk reaction was pick something and focus on it. Diffused effort is a common reason for poor results - focused effort is unstoppable. You only need one winner right now. You can add others later.

    A second thought is creditors just want their money, just like you or anyone else when you're owed money. They're not investors in your plans - why should they finance you?

    Third - you have a choice. Make the debt agreement work and keep your assets, or forfeit all your assets and start fresh from a fairly clean slate (with no access to credit for the next 5 years etc.). There is no middle road here. (Which isn't the point I'm trying to get to - but this is it...)

    It's your choice!

    You're right - you're running out of time. In fact you've run out of time. You're in overtime.
    There is no time to indulge in the "woe is me" and "the ship's turning" stuff. Things need to happen now!

    You need to make it happen NOW!
    Get into overdrive.
    Who can you call to make a sale right now!
    And the next person.
    And the next.

    No time to feel sorry for yourself.
    No time to feel tired.
    No time to feel self-concious or whatever else might be holding you back.
    Time to get a$$ into gear and do what it takes to make sh!t happen.

  7. #17
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    I am no expert, but this is the way I see it:
    If you are struggling, you had the right to seek debt counselling. You then need to make a NEW commitment of what you can pay. This may be accepted or rejected. Now once you failed to keep to the new plan, then you are in deep trouble, as you have now lost the protection offered by the law that must protect you.... I do not think you get another change to make a new deal. They may declare you insolvent if they wish...
    Last edited by RvanEck; 06-Jul-12 at 08:02 AM.

  8. #18
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    GFacius, what does your business need in order to grow and pay you a better salary?
    Get superfast South African Hosting at WebHostingZone

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    Quote Originally Posted by theDCI View Post
    Murdock - you should know your facts before making such comments on a live forum which are clearly false and defamatory. I invite you to come and sit in my office or any other debt counsellors office for one week to see the truth of what really occurs.
    so let me get my fact straight then on a live forum before i make another comment...let me then ask you a few question so that i can get my fact straight...

    you dont make any profit/interest out of your customers?
    You make absolutely no money from the people who come to you with debt problems?
    who pays your staff and your salary?

  10. #20
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    Hi Gfacius - If you do not have a court order in place, your debt counsellor can do a change on your proposal, debt counsellors are suppose to do annual assessments in which these factors are taken into consideration. If you have a court order in place it will be far more difficult.
    You can try to pay your creditors directly but I can almost promise you, they will not honor it for more than 6 months, especially if a bond and vehicle is involved. But if you feel like this is a solution then you must do it, but there is no protection for you. If sequestration is what you need, then you do not need to pay R15,000 to get it done. Sequestration product ? If it is a product that says you can live in your house even though it has been sold, or it will allow you to buy your house back in a few years DO NOT DO IT - it is a scam and unlawful. There are sequestration attorneys on theDCI that we have brokered a deal with, that they will charge you R6800. And just incase you are wondering, no I do not make a cent out of any client that use's them.

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