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More and more South Africans are falling into insurmountable debt due to the continuous rise in basic living expenses. One only needs to keep up with current news and rising interest rates to realise that even the half of the population who is employed basically works to service their debts.
A previously financial sound family can very quickly find themselves on a downward financial spiral as it becomes increasingly necessary to supplement their monthly income with credit cards and unsecured loans just to cover cardinal monthly expenses. Debt administration and debt review usually falls under the first channels targeted for debt relieve remedies but these options, as prescribed under the national credit act is more often the final nail in the coffin for the debtor instead of providing a sound solution.
Sequestration is the only debt remedy which allows a debtor to rid himself of 80% of his debt through a single process and is relatively painless when you make use of a seasoned professional.
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