When you surrender your vehicle, the lender will typically sell it to recover the outstanding loan balance. Any shortfall (the difference between the sale price and the amount you owe) will still be your responsibility, but surrendering is often less damaging to your credit profile than forced repossession.

Debt review is like a life raft in a stormy sea—it might keep you afloat, but it can also leave you stranded far from shore if you don’t plan your rescue carefully.

Being married in community of property means that you and your husband are co-owners of each other’s assets, but also co-responsible for each other’s debts. If your husband's business goes into liquidation, creditors may have a claim against the joint estate.

One of the most immediate and severe consequences of ignoring a summons in South Africa is the risk of a default judgment. If you fail to respond to a summons within the prescribed time frame (usually 10-20 days), the court may proceed without your input and issue a default judgment in favor of the creditor.

While under debt review, you are flagged with a credit bureau as being under review. This mark will stay on your credit record until you've completed the process, which can take several years. This makes it challenging to secure new credit during this period.

They offer legal recognition, clarity, and enforceability, making debt recovery more streamlined and efficient. Regardless of the magnitude of the debt, these agreements provide a flexible tool for managing and recovering owed amounts, contributing to a more transparent and trustworthy financial environment.

A garnishee order allows the creditor to claim a portion of the debtor's income directly from their employer or a third party

A stokvel written agreement serves as a legally binding contract that outlines the terms and conditions governing the stokvel's operation. By documenting the rules and responsibilities, all members can have a clear understanding of their rights and obligations

If the tenant's default has resulted in a loss of rental income, the landlord can pursue compensation for this financial setback.

The court can make a decision in favor of the plaintiff without hearing the defendant's side of the story. This can result in adverse legal outcomes, including financial liabilities, asset seizures, or other remedies sought by the plaintiff