Voluntary Surrender is a proactive debt solution designed to assist individuals in eliminating unsecured debt that could otherwise take years to pay off. Our dedicated Insolvency Practitioners will communicate with your creditors on your behalf, alleviating the stress and anxiety associated with creditor interactions. Once you opt for Voluntary Surrender, creditors are barred from pursuing you or initiating any legal action to recover outstanding debts.
Let us help you regain control of your financial future.
What do you want to know?
Voluntary Surrender is a legal way for over-indebted individuals to get relief from their debts. It can release you from most debts, allowing you to make a fresh financial start. Voluntary Surrender is a proactive approach to managing financial difficulties, allowing individuals to write off unwanted debt that would otherwise take years to settle. To do this you need to complete and submit a Voluntary Surrender Application Form to see if you qulaify for the process. A Voluntary Surrender order normally lasts for 36-48 months at which point you will become credit worthy again.
Voluntary Surrender is a High Court application that allows an individual to write off 60-75% of all unsecured debt. The remaining 25-40% can either be paid off in full using retrenchment /pension /family money or in installments paid off over 18-24 months. A Voluntary Surrender Order is granted to confirm this. Once granted, a trustee is appointed by the courts to manage the distribution of the 25-40% remaining to all credit providers. While you are debt free after 18-24 months, you can only apply for Clearance from Voluntary Surrender after 36-48 months.
You can apply for Voluntary Surrender if you meet these requirements:
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you are unable to pay your debts when they are due.
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your debt has been handed over to collection agencies.
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you have shortfalls from assets such as vehicles and a home that has already been repossessed.
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You have tried Debt Review and the installment is still not low enough to assist in managing your monthly living expenses.
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You have judgements and emolument attachments on your income.
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Debt must be more than R150,000.
Shortfalls from repossessed Homes
Shortfalls from repossessed Vehicles
Personal Loans and Pay Day Loans
Overdrafts and Revolving Credit Plans
Credit Cards and Store Cards
Tax owing to SARS
Cell phone Contracts
Medical Debt
Arrears School Fees
Other third-party Contracts