A debt judgment can lead to the attachment of your salary and property, as well as the payment of legal fees. It also affects your credit record and ability to obtain credit.
A debt judgment can result in the attachment of a portion of your salary until you have paid off the judgment debt.
On top of losing valuable assets and your credit record being impaired, a credit provider might also serve a bill of costs on you in order to quantify the legal costs that they incurred in order to obtain judgment against you.Before a debt judgment is taken against you, you must be issued with a section 129 notice notifying you that you are in arrears in terms of your credit agreement with a creditor.
This process begins with the issuing of a warrant of execution followed by a visit from the sheriff of the court, who takes any movable property of value. This can be anything from vehicles, furniture and appliances, to works of art. A debt judgment remains in place for 30 years or until you have paid it off. If you do not pay it off or get a court to rescind it, it can be collected at any time within those 30 years.A creditor might also seek to execute on immovable property, like your home, holiday home or investment property.
Based on that information, the court can make an order to direct what amount you should pay on a monthly basis in order to settle your debt, and may obtain an emoluments attachment order directing your employer to deduct the amount from any salary due to you and to pay your creditor directly.
Debt Judgment Legal Fees Asset Attachment Credit Record Credit
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nigeria: Killers of 16 Army Personnel in Delta Must Face ConsequencesThe Senate has reacted to the gruesome murder of 16 Army personnel of 'Operation Delta Safe' in Okuama community of Ughelli South local government area of Delta State during a peace mission between two warring communities, saying that the culprits must be made to face the full consequences of their actions.
Read more »
Any Cabinet member mismanaging state funds must face consequences – Ramaphosa on lifestyle auditsPresident Cyril Ramaphosa says law enforcement will be roped in if lifestyle audit outcomes reveal alleged misconduct by his Cabinet members.
Read more »
Le Roux: Newlands debt doesn't affect StormersJohan le Roux, one of the DHL Stormers’ new equity partners, said that the Red Disa consortium is helping to bring financial stability to Western Province professional rugby.
Read more »
Investors flee R11bn Mi-Plan unit trust after taxi debt default shockFund manager details what went wrong at Bridge Taxi …
Read more »
ActionSA manifesto: Prisoners to repay debt to society by working while serving sentenceAt its election manifesto launch on Saturday, ActionSA said the party will limit the rights of criminals under its government.
Read more »
Resurrection pastor Alph Lukau and wife in Sars' crosshairs over R20 million in tax debtResurrection pastor Alph Lukau and wife in Sars' crosshairs over R20 million in tax debt
Read more »