The South African property market has become extremely competitive as the financial institutions fight for market share. So, you, as the consumer can benefit from this. Switching simply means to moving your home loan from one financial institution to another.
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A Sequestration Order is granted when you are unable to pay your debts and your creditors apply to the High Court for an order. If granted, then all your assets fall under the control of a trustee appointed by the court. The trustee is responsible for converting all your assets to cash and distributing it amongst your creditors.
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If you are (A) not in the position to pay all your debts; (B) these debts are not more than R 50 000.00; and (C) you do not own any other property, which may be sold to pay the debts; you may apply for an Administration Order.
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A judgment is a court order compelling the defaulting party to pay the outstanding debt. By means of this court order, the plaintiff may take further action against the defaulting party in order to recover the outstanding debt.
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A default is a listing of a party who has neglected to pay an outstanding amount to another party. Companies who are most likely to list defaulting parties are:
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Many prospective home buyers are referred to attorneys by estate agents because of the buyer’s credit status and subsequent inability to obtain a home loan.
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A Credit bureau is a private business which acquires, records, maintains and makes available to contracted subscribers, information concerning the manner in which consumers conduct their credit and business dealings.
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Bridging Finance is a facility that will alow you to access a protion of your equity or futher boind proceeds as soon as confirmation of garatees are given by us to the attorneys.
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