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Debt Prevention Articles

The Cold Hard Truth About Debt Review

When struggling with mounting debt, many people seek help in the form of debt review or debt counselling. While this may seem like a fool-proof solution to financial distress, it is essential to understand the realities of the process before diving in. The Cold Hard...
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Debt Review Upliftment versus Rescission of a Debt Review Court Order

There are two ways to exit the debt review process, namely Rescission of Judgment, or an Application for Upliftment of the Debt Review.

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ABC’S (ALWAYS BE COLLECTING) – REASONS WHY DEBTOR’S MANAGEMENT IS A FULL TIME JOB

One thing that really stands out in my experience as a debt collection attorney, is that debtors almost always settle the outstanding debt if the debts are demanded whilst it is still fresh. This means that the older the debt you are attempting to collect, the smaller...
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IS THERE ANY WAY TO EXIT DEBT REVIEW AFTER THE COURT HAS GIVEN AN ORDER

Jenny and her husband, to whom she was married in community of property, entered debt review five years ago and since, a Court order in terms of Section 86(7)(c)(ii) granted. Jenny and her husband, has since gotten divorced and a settlement agreement entered into...
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Is a Surety’s Liability Limited to the Initial Credit Agreement? Insights from Actisol 145 CC v Seryt Tyres

Jan 17, 2024 | , , , , ,

Gain critical insights from the Gauteng High Court case, Actisol 145 CC v Seryt Tyres, addressing the extent of a surety’s liability in credit agreements. This pivotal judgment, led by Judge Nkutha-Nkontwana, explores whether a surety’s obligation is confined to the initial credit limit or extends to the actual debt incurred. Uncover the legal intricacies, the court’s decision, and its implications for sureties in business credit facilities

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Is reckless credit my get out of jail free card?

Is reckless credit my get out of jail free card?

Sep 9, 2020 | ,

In simple terms, credit is considered to be reckless if it is clear from the outset that the Consumer will not be able to afford the repayments, or if no affordability test was done at all.
In our case study (below), the affordability test was indeed done, but it was clear that she would not be able to afford the repayments. It, therefore, seems that the credit was granted recklessly.

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I Have Received A Summons – What Does This Mean?

I Have Received A Summons – What Does This Mean?

Aug 24, 2020 | ,

I Have Received A Summons – What Does This Mean?
Having a Sheriff serve a Summons on you could often be a very scary thing! This is especially true if you know nothing about a Summons and what to do with it. In this article, Kaylee Tree discuss a few important points to remember once you have received a Summons. #Summons #DebtCollection #LetUsHelpYou #StayCalm

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Bad Debt Prevention Case Study

Bad Debt Prevention Case Study

Mar 20, 2020 | ,

 In this case study, we help you get a clearer view of debt prevention and how an attorney can help you minimize your exposure to bad debtors.

I have very recently helped a company that had way too many bad debtors bring the bad debt under control using Vermeulen Attorneys’ innovative and novel methods that we have termed “Debt Prevention”

The company that I assisted was an attorney’s firm, which is quite ironic since attorneys have the skill and know-how to sue their own debtors. Why would bad debts spiral out of control? Simply because, as business owners, we are focussing on doing work for paying clients, not chasing delinquent debtors. Chasing these outstanding debtors not only takes time but for most business owners also means a financial output in attorney fees.

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