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Surety

Nicky asked 2 years ago

Hi, If I am under debt review, can they still take judgement against me for a debt under my Closed Corporation for which I signed surety? Should I disclose all sureties I signed as part of the debt review – or can this be added later?

1 Answers
Matthys Potgieter Staff answered 2 years ago

Hi there,

Thank you for your question.

Yes you must please disclose all sureties. The creditors can definitely pursue you for the debt, but because you are under debt review they would have to be included in the debt review.

It is important to inform your debt counsellor about these sureties in order to establish communication with the credit provider. If a plan can be formulated to honour these debt repayments outside of the debt review they will firstly go for that option. If the business is insolvent then they would see if they can include it in the debt review. Anything for which you a personally liable, including when a credit provider calls on a surety, must be included in the debt review.

Have a great day