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Trapped Under Administration – Fin24

Trapped under Administration – Fin24

Trapped under Administration

A Fin24 reader feels that he is trapped under administration and asks the following advice:

I have been under administration since 2008 until now. I owed my creditors an amount of R29 485 plus about R2 000 for the fees. Every month I paid R1 000 via stop order at work and in January 2012 the deductions stopped. I phoned the attorney handling my file or case and explained about the stop order had stopped. She said I must not panic, because they are still busy dealing with my creditors. I have been waiting since then. Last month I visited them to find out how far they are with my creditors. They told me I owe the creditors an estimated outstanding balance of R4 279.45, and this is not a final balance. They are still busy with my creditors again. So, last week I started paying this amount via debit order. Please give me advice on how to get out of this situation. It has now been a long time to be under administration.

In this article Wikus Olivier, debt counsellor at DebtSafe, responds by explaining the administration process and what the reader can do to get out of debt. Bringing an end to the feeling of being trapped under administration.