Debt Administration is a debt solution that you may have taken in the past to appoint an administrator to collect from you an affordable amount of money at regular intervals. This is if your debts at the time were less than R50 000 and you were not able to pay off or service these debts. According to the Magistrate’s Court Act, the administrator can take a maximum fee of 12.5% of the amount that they distribute to your credit providers.
An administration order is granted in terms of section 74Q (1) of the Magistrates’ Court Act 32 of 1944. The process of administration orders was initiated as a means of debt relief solution for people who are overwhelmed by debt and whose debts were less than R50 000 and whose estate is so small that the costs of sequestration proceedings will swallow it. This is done in order to assist a debtor during financial difficulties without going through the route of sequestration.
At Debt Sage we offer debt review whereby we approach credit providers on your behalf to have them reduce the monthly instalments that you pay to a level that you can afford to pay. All household expenses are covered.
Debt Sage debt counsellors are registered by the National Credit Regulator (NCR).
By visiting the NCR website. However, one should have the debt counsellor’s registration number or name at hand.
You may therefore want to speak to us about opting for debt review before considering debt administration.