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Bond Accepted for Debt Review Then Revoked a Year Later

Questions & AnswersCategory: Debt ReviewBond Accepted for Debt Review Then Revoked a Year Later
Tracey Friend asked 1 year ago

Hi,

My husband was issued with a Summons for his bond and then we approached a debt counselling company who managed to get the bond under debt review. We’ve Been paying every month, now we got a message saying the bond can no longer be under debt review.  How can this happen?

1 Answers
Matthys Potgieter Staff answered 1 year ago

Hi there

The person who signed surety can, unfortunately, be held accountable even if he is under debt review.

According to law, the person who signs surety does not have more rights than the entity for whom surety was signed.

Your best option would be to attempt to come to an agreement with the attorneys, although they are not obliged to entertain any sort of attempt at an agreement. Use the fact that you are under debt review as a starting point and make them a reasonable offer. If no agreement is reached they are well within their rights to pursue a warrant of execution by which they will be able to sell your assets.

Kind regards