After rehabilitation credit records are cleared
REHABILITATE FOUR YEARS OR TEN YEARS OR SOONER AFTER SEQUESTRATION
You can also wait for ten years because then you are automatically rehabilitated and you do not have to approach a Court.
YOU CAN REHABILITATE SOONER
You can apply for rehabilitation before FOUR YEARS under the following circumstances:
REHABILITATION ONLY AFTER FOUR YEARS, UNLESS THE FOLLOWING EXIST THEN YOU CAN REHABILITATE AFTER SIX MONTHS OR LESS:
No creditor proved a claim against your insolvent estate
If you pay 50% of all your outstanding debt after sequestration
You can pay all creditors and costs and then be rehabilitated immediately
If you owned assets and the proceeds were sufficient to pay all creditors
GET REHABILITATED SHORTLY AFTER SEQUESTRATION BY PAYING 50% OF ALL DEBT
You can also offer to pay 50% of all your outstanding debt after sequestration.
Once you have paid all the costs in the estate you can apply for rehabilitation even if it is only a few months after date of sequestration.
GET REHABILITATED AS SOON AS ALL CREDITORS WERE PAID
If the proceeds in your insolvent estate was sufficient to pay all creditors, then you can apply for rehabilitation almost immediately.
For example if there was a house that was sold for enough to settle all debt then you can also apply to be rehabilited sooner.
THE PURPOSE OF BEING REHABILITATED
Being rehabilitated is to leave the past behind and go into a new future in a better financial position without being dragged down by a bad history.
Once the rehabilitation order is granted, we send a copy of it to the credit bureaus. They must then remove the word “sequestrated” and replace it with the word “rehabilitated”.
Record of all debt that was incurred before date of sequestration must also be removed so that your record is clean.
Tel- 010 286 1966
Fax- 012 663 5627
Cell- 072 855 8106
Fairview Golf Village
St Andrews Drive
Gordon’s Bay 7140