Can a creditor sell the home of a debtor to recover outstanding debt?
Most South Africans today, are overburdened and overwhelmed with debt and are struggling to repay creditors. According to recent statistics, a third of people in South Africa with credit are struggling to repay their debts. This means, there are approximately 10 million people who are three months or more behind on debt repayments. This article […]
Key considerations before borrowing money in South Africa
Securing a loan is a common approach for financing various personal and business needs in South Africa, from purchasing property to covering unexpected expenses. However, the decision to borrow money requires careful thought and planning. Here are essential factors to consider before you commit to a loan. Assess your financial situation: Evaluate your needs and […]
Ways to navigate an interest rate hike in South Africa: The power of expert advice
When the sun is shining, it is the opportune time to fix the roof. This adage is especially true in the context of economic situations, where preparation is key to weathering financial storms. In South Africa, as in many parts of the world, interest rates have seen an upward trend, posing significant implications for personal […]
Renting property under debt review
“I’ve been struggling to pay off my debt and to manage my finances. As a result, I am now under debt review. Can I still rent a property even though I am under debt review?” The answer, in short, is yes. The process of debt review is considered to be a saving grace for those […]
Can I obtain financing if I don’t own immovable property as security?
The article gives a brief overview of what a notarial bond is, the requirements that need to be complied with to register a notarial bond and give tips regarding clauses that will prove to be useful in a notarial bond. It also deals with the situation where a debtor disposes of an asset listed in […]
AM I STILL LIABLE FOR MY SPOUSE’S DEBT AFTER DIVORCE?
A husband and wife buy a house together. Their marriage takes a tumble, along with their – finances, and they have to sell their home and are left with an outstanding mortgage bond. They subsequently got divorced. The couple is concerned about what will happen to the debts and who will be responsible for […]