DEBT - HELP - U is a national business venture in South Africa that utilizes relevant laws and systems to administer debt that has been mismanaged by individuals and includes, but is not limited to Section 74 (Act 32 of 1944) Administration of debt, management of debt, liquidation, personal budgeting insurance and executing of deceased estates. Personal money management has become essential. It is necessary for every family to manage their income just as in the case of a government or business concern; the family cannot survive if income and expenditure do not balance. Income is all money that you earn and expenditure is all money you pay on food, rent, clothing, furniture etc. ADMINISTRATION ORDER Section 74 is clear:
"Where a debtor - (a) is unable forthwith to pay the amount of any judgment obtained against him in court, or to meet his financial obligations, and has not sufficient assets capable of attachment to satisfy such judgment or obligations, " and your debts due are not more than R50 000 - 00 (excluding a mortgaged house) such a person's estate can be placed under administration.
If a person is married in community of property, the estate of both husband and wife is jointly placed under administration as one estate. Both need to apply in one application and appear in court.
Due economizing must be exercised to assure that all costs, interest and capital will be settled over a period. This period will differ according to amount of debt, legal work and repayment. Although the period is now extended, the debt is still payable. It is advisable that should the client's financial situation change, the financial situation should be reassessed and the payment should be increased to decrease the term of payment. Transparency is of utmost importance.
When applying for an order, it takes Debt - Help - U more or less two days to process an application. To get the case in court, another two weeks, if all detail was supplied correctly, the case should not be opposed by creditors, if it is opposed it can be postponed for up to one month after court date.
The law makes provision for such action and we rely on Section 74 of the Magistrate's Court Act 32 of 1944 as then initiated and as revised from time to time. According to this act, an Administrator can be appointed by the Court to administer the budget and finances of a debtor.
In most administration cases the Debtor is looked after in the short term by offering a temporary easy way out and many administrators is not transparent in offering the service. We act as a protector to the debtor and apply financial discipline and economizing to assist and motivate the debtor to pay his debt in order to rehabilitate, resulting in a better life for all. By obtaining an administration order, the debtor is protected against further legal action and no creditor has any legal remedies against the debtor or his property except in regard to a mortgage bond or any exclusions on conditions as imposed by the honourable court. The Administration Order is a Court order and by not adhering to the conditions, the debtor could be prosecuted for contempt of court. PROFILE OF A CANDIDATE FOR ADMINISTRATION
- Debtor must have a fixed income;
- Excessive garnishes on salary;
- Net salary less than necessary expenses;
- Excessive loans on salary;
- Excessive insurance payments and garnishes;
- General financial difficulties;
No other means of rehabilitaion, but by assistance of a responsible person and protectection of the Court.
- Copy of identity document;
- Copy of spouse's identity document if married in community of property;
- Copy of marriage certificate if married;
Proof of income by means of the last original pay slip, If married in community of property, the last original pay slips of both husband and wife. (If either is unemployed, it must be stated);
- Proof of all debt where possible;
- If no proof of any or a certain account, full details and last known outstanding amount;
- If a house is owned, proof thereof and amount outstanding if any.