summons & Judgements

**Dean64** · 11-Sep-12, 12:55 PM

Hi

I have been in an insolvent situation since 2007 after losing everything and becoming heavily in debt. I have practically been unemployed since then due to my credit record. I am always looking over my shoulder to see which creditor is on my back. I have read articles on this site with great interest and feel positive about debt prescription. The only way I can pay off my debt in this lifetime is to catch the lotto. I owe over R1.3 million to banks and companies (15 creditors in total). Summons or judgements may have been issued but not personally to me. With regard to prescription of debt, can I now claim prescription on this debt? If I can, does this include debt for which summons / judgements have been issued but for which I have no knowledge? I have approached debt counsellors but as soon as they know that I have no income, then there is no interest. I was willing to file for liquidation but the attornies requested R380,000 to do this. If I had this kind of money, I would have negotiated with my creditors. I cannot move forward without getting this blacklisting and debt threats hanging over me removed? Please guide me as to where do I stand. Thanking you in advance

**Just Gone** · 11-Sep-12, 01:30 PM

The problem with sequestrating is - you need to own a certain amount of assets for it to go into the pot for the people you owe money to. If you dont have assets it just seems to never end .....

**Dave A** · 11-Sep-12, 07:53 PM

Originally Posted by Dean64

I was willing to file for liquidation but the attornies requested R380,000 to do this.

Shop around. That figure is totally unrealistic.

**dfsa** · 11-Sep-12, 09:14 PM

For voluntary sequestration, that figure of R380 000-00 seem to be correct according to the minimum requirement by law. Go see another lawyer. Many will fight the minimum requirement on your behalf. If you can produce 10% IE: R 130 000-00 to go into the pot, they can fight it for you with 100% results. Their fee would range from R12 000-00 to R25 000-00 on top of the 10%

The main problem you have here is you will never get out of the debt if you do not sequestrate.

The lawyers that gave you the figure above is completely ripping you off. With the minimum requirement by law being 20% these lawyers are charging you a fee of around R120 000-00

**sterne.law@gmail.com** · 12-Sep-12, 09:21 AM

Then there is the infamous friendly liquidation!!!

**Just Gone** · 12-Sep-12, 09:57 AM

I signed unlimited surety for my FATHER IN LAW 20 years ago. Very stupid of me because I was naive and stupid at the time. I did not check his books or anything. The company folded and went belly up. I was now liable to the bank for a moerva amount of money and it was escalating every month with interest. To cut a long story short - I sequestrated - I basically lost everything, but managed to get a friendly lawyer on my side whereby my wife could buy our house back at a good price ........ which was more than I paid for it originally. But it all went smoothly - I was a sequestrated person for a number of years, got back onto my feet and it was the best thing ever. Unfortunately it was not my wrong doing, in other words I didnt create the original debt, I just took over someone elses surety and joined the company ......... The bank hounded me like you wont believe - when the sequestrating went thro - they got a percentage in the rand owing to them and left me alone because they could not come after me anymore. If you need a refferral to the lawyer I used you can pm me and i can give you more details.

Hope this helps - its not a nice thing to go thro, but in my case, because of my stupidity of trusting someone - they brought me down. But dont let it get to you - Be strong, get thro it and build yourself up again.

Its actually scary .... there are a lot of people out there battling with the present economic climate - they are unable to talk to people about it and sometimes just get further and further into debt. They think they are the only ones going thro it and think that the whole world is ganging up on them. They should just realize that they arent the only ones (doesnt make it right) and should be positive and make the right descisions to rectifiy the problem one step at a time.