Clear Future  

Clear Future has more than 35 years’ experience combined and we have helped hundreds of people and companies with their debt

Sequestration is the process of declaring yourself insolvent/bankrupt (voluntary surrender of your estate) a High Court application under the Insolvency Act. You can apply for SEQUESTRATION in the following instances: A natural person’s liabilities (debt) exceeds their assets Judgement has been obtained on your assets The client has shortfalls on assets after repossession The client cannot service the debt monthly and declare to the creditors that instalments can’t be met, this is an act of insolvency

Our consultation (personal and/or telephonically) is free. A Debt Counsellor’s fee is regulated by the National Credit Regulator and is set out as follows: A restructuring fee equal to the first installment of the debt re-arrangement plan but to a maximum of R6 000.00 (excluding VAT), in respect of a consumer whose applications have been accepted in terms of 86(7) (b) or 86(7) (c) 100% of the fee is payable at the first installment A legal fee for a Court Order of an amount equal to the second installment of the debt re-arrangement plan minus the DC aftercare fee and PDA fee but to a maximum of R8 000.00 (excluding VAT) A monthly aftercare fee of 5% (excluding VAT) of the monthly installment of the debt re-arrangement plan up to a maximum of R400.00 (excluding VAT), for the remaining period of the debt re-arrangement plan A monthly PDA (Payment Distribution Agency) of 3% (plus VAT) of the monthly installment, to a minimum of R57.00 and to a maximum of R570.00 (plus VAT), for the remaining period of the debt re-arrangement plan Should the consumer withdraw from the process before completion, a fee equal to 75% of the restructuring fee is payable by the consumer