Credit Rehabilitation is the end of the Sequestration process. It enables an individual who has been previously Sequestrated to make a fresh financial start, becoming credit worthy again and restoring the Credit Score. An application for Credit Rehabilitation is done though the High Court, 36-48 months after the Sequestration date.
A Summarised Explanation of this Process
Step 1 - Submit Information
We will provide the client applying for Credit Rehabilitation, with a Credit Rehabilitation Form, which must be completed and submitted along with additional documentation. This information will be used to determine if the client qualifies for Credit Rehabilitation.
Step 2 - Correspond with Curator
Part of this determination is to correspond with your appointed Curator/Trustee who administered your insolvent estate. Credit Rehabilitation can only be applied for once the Liquidation and Distribution account has laid in the Master of the Courts offices for inspection for no less than one years according to S124(2)(a) of the Insolvency Act.
If it is found that there is no curator appointed or that there has not been any claims in your estate, you may be permitted to rehabilitate within 6 months after the date of Sequestration. Also according to S124(2)(a) of the Insolvency Act.
Step 3 - Confirmation of ability to Rehabilitate
Once it is confirmed that you do indeed qualify for Credit Rehabilitation we can begin working on the court application. It must be noted that a curator may ask you to pay a contribution to your insolvent estate. This is an amount due for any claims that were instituted in your estate where the composition was insufficient.
Step 4 - Notice of Motion
A Notice of Motion asking the court for a rehabilitation of your estate along with a signed affidavit confirming your sequestration and current financial situation as well as the documents received from your curator are compiled and served on both the curator of your estate and the Master of the High Court. Both are required to evaluate the application and provide a report on your estate and confirmation that they consent to your rehabilitation.
Step 5 - Government Gazette Advert
An advertisement is placed in the Government Gazette, which serves as notice to all credit providers, of our intention to apply for your Credit Rehabilitation.
Step 6 - Court Date
The court will look at the documents supplied by the curator and the affidavit to confirm that you, as the applicant, agree with the figures stated. A judge will confirm if you have met the requirements of the Insolvency Act.
Step 7 - Granted Rehabilitation Order
If a judge is satisfied with the facts before him/her, a Rehabilitation Order will be granted.
Step 8 - Notice to all Credit Bureaus.
This order is in turn sent to all Credit Bureaus and Creditors by our offices to confirm the removal of all adverse reflections on your credit profile. A copyis also provide to you to submit to any organisation requesting proof of your Credit Rehabilitation.
