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Question
Posted by: Anyone else been there? | 2011-06-20

Am being sequestrated today

Hi,

Today I am being sequestrated by a crafty lawyer for R40 000. I went under Debt Review and was paying back the amount monthly. Now the creditor''s lawyer has gone ahead with this application. I cannot afford to oppose it, let alone afford to travel to the High Court in PTA.

Has anyone else been through this? What is the time frame whereby I cannot get credit?

Thank you.

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Our expert says:
Expert ImageCyberShrink

Aren't all lawyers crafty ? I thought it was a selection criterion for law school. As I have no experience, fortunately, of this situation, I cannot advise usefully, but I'm sure other readers can.
I live without credit, by choice. It puzzles me, I buy a couple of magazines at CNA, and they ask me whether to charge it directly to my card, or put it on credit to pay off. I say at my age, I might not live long enough to pay off debts, so hit me with it directly. If I can't afford something, I don't get it. It's actually rather a simple way of life

The information provided does not constitute a diagnosis of your condition. You should consult a medical practitioner or other appropriate health care professional for a physical exmanication, diagnosis and formal advice. Health24 and the expert accept no responsibility or liability for any damage or personal harm you may suffer resulting from making use of this content.

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Our users say:
Posted by: Romany | 2011-06-21

That is why you and me pay HUGE amounts back. To cover for those who do not. Theborrower will ultimately not loose.
Sick world....

Reply to Romany
Posted by: Irritated | 2011-06-21

Thanks for the info on the new Consumers Act. To me it still seems odd that the Lender is responsible for the Borrowers ultimate capability to repay the debt. The Lender is no doubt acting in good faith at the time as basic common sense would dictate that he would not recklessly lend some deadbeat money on the off chance that by some miracle he would repay the debt? Damn it, I would NEVER lend anyone money or approve credit under these circumstances. One wonders why credit companies take this huge risk?? I lend, you use and then welch and I am responsible because I lent you the money that you promised and signed your name to a document that you would repay? Huh? That''s crazy.

Reply to Irritated
Posted by: To Irritated | 2011-06-21

Take some time and read the new Consumer Act. The responsibility in on the LENDER to make sure the BORROWER can afford the repayment of whatever the LENDER decides to award the borrower.
About time too, people are so eager to lend and the sue the borrower when he/she cannot pay.

Reply to To Irritated
Posted by: Irritated | 2011-06-21

To Karmen. Read my comment. I stipulated quite clearly that I DID NOT KNOW ALL THE DETAILS. I am fully aware of circumstances beyond peoples control being unable to pay their debts, but I was referring to people in general who find themselves in debt due to their greed, lack of fiscal discipline, common sense, and inability to take responsibility for their actions.

To the person who blogged after you talking about " The Law"  I don''t follow your comment. What are you talking about ? What does the " Law"  disagree about ?

Reply to Irritated
Posted by: To irritated. | 2011-06-20

That is your opinion, even the LAW disagrees with that....

Reply to To irritated.
Posted by: Karmen | 2011-06-20

Irritated, H.A.B.T. did not state why he can not longer afford to pay his debts. You do not know what sudden financial burden he has gone through, you do not know if he has lost his job or if his spouse/ partner has lost their income… . Reserve judgment until you know the full story.

Reply to Karmen
Posted by: Irritated | 2011-06-20

Let me first respond to those who blame the people who grant the credit to the borrowers. To accuse them of being greedy and " serves them right"  if they lose the money makes as much sense as blaming a burger joint for making you fat or a cigarette company for damaging your health.
The final blame lies with the the debtor. Its HIS responsibility to make sure that he does not over extend himself and have enough fiscal discipline to ignore the temptation to max out and exceed credit lines. What justification is there for running up debt and allowing it get to the stage when one is sequestrated. The creditor takes the debtor on in an atmosphere of trust and honesty and quite entitled to receive payment as agreed and does not reasonably expect the debtor to welch on his committment to pay what is due.

To answer A.E.B.T Sorry pal, it makes no difference what you did, ie going under debt review, the point is you should have never got into that position in the first place. Now please understand, I know that there are circumstances where one may find himself in a tight spot, suddenly out of work, medical bills etc, so I do not want to pontificate when not knowing all the details, but I am referring to those who are in debt and cannot pay because of greed lack of fiscal disciplineand " wanting it all and wanting it now"  attitude.. Its the reckless spender that does not elict my sympathy.

Reply to Irritated
Posted by: Anyone else been there? | 2011-06-20

To Irritated,

I went under Debt Review to pay the creditor off, which I think is morally decent. The lawyer, on the other hand, is greedy, as he does not want to wait for me to pay him off. It was not my decision to sequestrate, it was his. Your response please...

Reply to Anyone else been there?
Posted by: Romany | 2011-06-20

I agree. Money lenders and " Credit givvers"  are sharks, Very eager to lend you the money or give you the credi, but if you run into a problem they are not prepared to help.
I have no sympathy for them. If they are stupid to lend money to a non credit worthy person they should suffer.

Reply to Romany
Posted by: To Irritated | 2011-06-20

It is a prerequisite of our Law that the LENDER should make 100% sure that the person he is gicving Credit to, can in fact pay the money back.
If he was just to greedy and eager to get the person into debt and receive his interest etc. I certainly do not care. maybe this will be a lesson to the " person that lost their money" 

Reply to To Irritated
Posted by: Goggakie | 2011-06-20

They are NOT allowed to take your car away as this is the means to get to and from work and without it you cannot earn a living....

Reply to Goggakie
Posted by: Irritated | 2011-06-20

I note others on this site are sympathetic with H.A> B> T whereas I feel more sympathetic for the poor people who have lost their money through is inability to pay his debts. Usually people who end up this way are irresponsible, greedy and careless with no sense of moral decency. Here he simply walks away, leaving other out of pocket and all he is worried about is when can he start running up more debts. He should pay the people he owes in the 9 or 10 years he is waiting to get his credit rating back. No sympathy for him !!

Reply to Irritated
Posted by: Anyone else been there? | 2011-06-20

Hi guys,

Thanks for your kind words. How did you manage with transport? I have not family living in SA to help me out...

Reply to Anyone else been there?
Posted by: Linus | 2011-06-20

I agree fully with Goggakie - you should look at it like this...in a way they are doing you a favour  you will no longer have to repay this debt but will have to undergo financial rehabilitation and its not so bad. So what if you cannot get credit for a while? Anyway most people do not know how to live within their means and you are definitely going to learn how to do this now. Remember also your attitude is everything - stay positive!!!

Reply to Linus
Posted by: Goggakie | 2011-06-20

Not so bad. You will not be responsible for any debt you have at time of sequestration.
Take the next nine years to sort your life out. you can do it without credit. Been there.

Reply to Goggakie
Posted by: cybershrink | 2011-06-20

Aren't all lawyers crafty ? I thought it was a selection criterion for law school. As I have no experience, fortunately, of this situation, I cannot advise usefully, but I'm sure other readers can.
I live without credit, by choice. It puzzles me, I buy a couple of magazines at CNA, and they ask me whether to charge it directly to my card, or put it on credit to pay off. I say at my age, I might not live long enough to pay off debts, so hit me with it directly. If I can't afford something, I don't get it. It's actually rather a simple way of life

Reply to cybershrink

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