Senator Case Study: How Benjamin saved his business from Crashing due to debt

Throughout the years we’ve helped many businesses from failing under the heavy weight of debt, Benjamin is one such example. With the hopes of providing a better future for his family he started a car dealership business in 2002.

The business started off on a fantastic note…

At the beginning, not long after he opened his doors, a few people started browsing around until he managed to sell a significant number of cars in his first three years of business. Toyota, BMW, Volkswagen you name it and he sold it with the highest level of professionalism.

He was good at his job, really good.

Then it all changed…

A few years into business the economy took a turn for the worse thus causing a rapid decline in customers. He sold his cars yet as the time went by the number shrunk. Benjamin had to watch as his business declined steadily, a business he started with such vigor and passion.

He had to let his accountant go and enlist his wife’s help. This placed his wife under pressure as she now had to juggle working and the care of their three kids. Needless to say, things looked rough and the business’ books depicted a very sad picture.

Debt was the only way out…

Feeling desperate, Benjamin had to take out a loan to help pay salaries, keep the electricity going at home and keep the business from closing down completely. For a while it looked as though things were picking up but not fast enough.

His debt swallowed him…

Crushed under the weight of his debt and a business at the point of going bankrupt, Benjamin fell into a state of negativity verging on depressing which had an effect on his family. His wife, however, wasn’t about to give up. She hopped online and started looking for debt review companies, any place that could help her.

What she found surprised her…

While on her search, she came across the term Voluntary Surrender of Estate and how this was supposed to be better than going under debt review. She clicked on Senator Counsellors’ website and contact one of our consultants immediately.

He wasn’t too keen at first…

Benjamin’s wife dragged him to the meeting. Although she didn’t quite understand what the process entailed, she was excited to find out. One of our consultants met with the couple and explained how an over-indebted individual applied to commit to a repayment term of between 11 and 23 months.

It sounded too good to be true…

To Benjamin’s ears it all sounded a bit too good to be true. Could he really be rid of his debt in a little as 19 months? That’s what the man was saying. Benjamin’s wife convinced him, it didn’t take much from her side after they left the meeting.

Benjamin committed to a repayment term and our dedicated consultant started the process immediately. Benjamin would now only have to repay 22c to each rand owed, interest free, to an advocate who in turn pays a curator of the court.

The curator then redistributed the money to the relevant creditors through a PDA (Payment Distribution Agency).

Things really started looking up…

Having entered the process of Voluntary Surrender of Estate, Benjamin and his wife could breathe a little easier. Things at the business end started picking up over the months and it barely 20 months later all of Benjamin’s debts were written off.

He couldn’t wait…

The first thing he did with his new found freedom was apply to be deemed credit worthy again. This could be you. Sign up today and start living your life without debt holding you back.

 

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