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Voluntary Surrender

voluntary surrender and voluntary sequestrationVoluntary Surrender, or forced sequestration, is an option for those individuals not able to meet any of their debt obligations, and is a good choice to be made once debt review is proven not to be an option.

There are two sequestration processes that can be followed:

  1. Asset Sequestration: Are you struggling to pay your monthly instalments on your bond and are you drowning in debt? Your assets are sold and the proceeds are used to settle the debt owed to your credit providers. Once the process is complete, your income/money is your own;
  2. Cash Sequestration: If you do not have any assets to sell in order to sequestrate you can make use of cash sequestration. This amount can be paid off over a period of eighteen (18) months. The Credit Providers will receive between 10 – 30c per Rand owed. Once the amount is paid off i.e. from month 19, your income/money is your own.

An Attorney is required to facilitate this voluntary surrender process. Once the process of voluntary sequestration starts, you will stop making payments to your credit providers. Your Credit Providers are made aware of the sequestration application. You need not notify anyone else of the sequestration of your estate. Once notice of the voluntary sequestration application is advertised in the Government Gazette and local newspapers all legal action against you will be stopped.

You will not have to attend Court throughout the voluntary surrender process and in most instances you will be able to apply for rehabilitation after four (4) years, after the Order has been granted. During this time you will not be able to obtain any credit or be the director of a company, however, this will be a great time to master working with your cash. This is not an option for those people working in the financial sector or who are FAIS accredited.



Current Amount

New Amount

Creditors at required interest

Creditors at 30 cents/rand

African Bank Loan

R 32 232.00

R 1 200.24

R 9 669.60

R 537.20

African Bank Credit Card

R 23 545.00

R 876.76

R 7 063.50

R 392.42

FNB Loan

R 18 100.00

R 993.48

R 5 430.00

R 301.67

FNB Credit Card

R 12 333.00

R 633.74

R 3 699.90

R 205.55

Bayport Loan

R 8 432.00

R 830.75

R 2 529.60

R 140.53

Capfin Loan

R 4 568.00

R 899.98

R 1 370.40

R 76.13

Wonga Payday loan

R 3 000.00

R 3 150.00

R 900.00

R 50.00

Foschini Group

R 4 525.00

R 801.03

R 1 357.50

R 75.42


R 2 789.00

R 493.72

R 836.70

R 46.48


R 2 956.00

R 523.28

R 886.80

R 49.27


R 112 480.00

R 10 402.98

R 33 744.00

R 1 874.67

  1. You need to earn a gross income of R9000,00 per month
  2. You only pay R1874.67 per month for 18 months to a curator.
  3. There will be a judgement on your credit report for 48 months.
  4. Legal Costs @ R7500,00 to start this process and then you only pay R1874.67 for 18 months.
  5. Legal Costs can also be spread over 2 months @ R3750 per month and then only start paying R1874.67.

Also see Debt Review Process

Fast track your way to debt freedom



  • Standard Bank
  • Nedbank
  • wonga.com
  • Woolworths
  • Mr Price
  • DirectAxis
  • Truworths
  • Foschini
  • South African Debt Review and Credit Repair Service
  • South African Debt Review and Credit Repair Service