There are distinct advantages to choosing an Administration Order over bankruptcy. For example, once the Administration Order is in place your creditors may not take any further action against you nor can they serve any legal documents on you. The Consumer only makes one affordable monthly payment to the Administrator, who will then distribute payments to your creditors quarterly and on a pro-rata basis. Administration may include accounts where legal action and or Judgment have commenced. This is only for debt up to R 50.000-00. 

In both instances as stated above, all the consumer’s debts will be consolidated and assessed according to his/her affordability. 

It must be iterated that once a Consumer finds him/herself in a better financial position, the consumer may apply through court to have the order rescinded and by doing so become financially viable again. 

Judgements

“If a plaintiff in whose favour a default judgment has been granted agreed in writing that the judgment be rescinded or varied, a court must rescind or vary such judgment on application by any party affected by it.” On application a default judgment where the plaintiff has agreed in writing can be rescinded or varied.

Administration orders

In addition to the “good cause” requirement, an administration order can also be rescinded when all the debts that were under administration have been paid. … We then apply for a court date and once the rescission order is granted, we remove the administration notice from the consumer’s credit reports.

FACTS:

** Whether or not you know that there is a listing on your credit profile, it is Crucial to check your Credit Profile once every 3 or 6 months.

* A Judgment can only be removed once the account is paid in full or rescinded in court.

* A Default listing can only be removed by disputing the credit provider’s negligence of prescribed legal/regulation process for placing the default listing on your profile.

* A Debt Review Notice can only be removed when Cancelled, Paid in Full or when Rescinded in Court or upon application with the High Court to be declared no longer over-indebted.

* Debt Collection Notice and Trace Alerts can be removed once communication is established with the debt collector and/or the debt collector fails to supply the appropriate documents relating to the debt.