Posted by: oza | 2008/09/19

reply to Q1793

the financial trap , we are not educated to this degree and if you have not had dealings with life this will be a major stumbling block the easy trap set by organisations offering credit easy repayments etc, You have two options one approach your creditors offer them a minimum amount to repay them but careful they will ask for a high interest rate making it impossible to pay off, second seek legal advise have a creditor apply for your sequestration, this is harsh but perhaps necessary however you will need to offer some cash re not sure what the amount now is like 10c in the rand to creditors, talk to a law firm that can help you.
This means you loose everything but can start on a cash basis again which may be your salvation and for the set period not have any debt then reapply for rehabilitation harsh but your going to loos all in any case.

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