SEQUESTRATION EXPLAINED
If you are experiencing such financial strain, and you have exhausted all your options, creditors will proceed with any means necessary to recover your debt by some or all of the following means:
1)
By attaching your assets and selling it on forced auctions, where the assets usually fetch poor prices. The proceeds of such an auction will be diminished even further by the deduction of removal and storage fees, sheriff’s fees or auctioneer’s commission, legal fees of the relevant creditor and collection commissions charged by attorneys or collection agencies;
2)
By attaching a portion of your income in terms of a court order, subject to legal fees, collection commissions and interest;
3)
By attaching debts due to you (accounts still payable by your clients) in terms of a court order, subject to legal fees, collection commission and interest.
Creditors will continue with these proceedings until all the debt has been settled in full, including the interest on the capital amount, all legal fees, collection commissions and disbursements which will leave you, the consumer in dire straits with a wrecked credit record that will easily remain for thirty years where creditors has obtained judgment.
The purpose of sequestration is to give an honest debtor a "fresh start" in life by relieving them of their debts.
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