Set against the backdrop of a worsening economic environment South Africans are experiencing a period of unprecedented financial strain. The numbers provided by Statistics SA are telling; more than six million people, half of South Africa’s entire labour force, are unable to pay their debts, 6000 vehicles and 2000 homes are being repossessed each month, close to 100 000 homeowners are currently in arrears with their bond repayments and 25 000 people are in danger of losing their homes. Financial analysts are describing our current situation as nothing less than a “Debt crisis”

Sequestration is the preferred option for the individual who has exhausted all other options of resolution, and is now in a position where even if all their assets are sold, they would be left with such a high shortfall that it would be unreasonable to expect them to recover from this loss.

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