I've just received notice from a debtor who is applying for an administration order. Reading the details, I can't help thinking of reckless credit and the NCA. Of course, the identity of the applicant I won't mention, and a full list of the creditors does not add much value to the main thrust of this post.
But let's take a look at what he owes financial institutions:
- Nedbank loan R9384.51
- Standard Bank credit card R16138.06
- African Bank loan R4699.62 (the residue of a previous administration order by the looks of it)
- Nedbank bond R76709.48 (monthly instalments R1275.47 on a property listed as valued at R81 000.00).
And then we have the stores:
- Over R2000.00 for jewelry not listed in the assets
- About R4500.00 for clothing not listed in the assets
I seem to be the only unsettled cost of sale on his previous property - a case of the conveyancor neglecting to pay us out of proceeds - I note everyone else got their money
And then there's Ethekwini Metro.... water apparently.
If my maths is right, I can look forward to getting R3.23 per month over the next 12 years.
Anyone want to take a guess at what this guy's monthly salary is?