Absa
Settlement vs Liquidation

Good morning. I am contacting ABSA not to really complain but to ask for a solution that could work for both us (myself and ABSA). I have fallen behind with my credit cards over the past few years and payments were made on a regular basis towards Newtons Attorneys but I could not keep up as the interest kept inclining on my credit cards. I did get settlement amounts which I hoped I will be able to use settle with payment of withdawal of pension fund - but it were not the case. The ABSA credit cards were the major outstanding debt ( - R90 000) - the settlement amount came to - R31 000 after discount, which were very generous, but I had to settle all other unsecured loans which I took to try to keep up with the monthly installments on my ABSA credit cards at that time - so those loans were not used for luxuries but to keep up with ABSA credit card installments.

I need to make a decision now - either file for liquiation or try to get to a agreement with ABSA that will still be to better benefit for ABSA as well instead of liquidation. Is it possible to arrange now a final fixed installment on the discounted R31 000 over a period of say 6 - 9 months without any additional interest?

Company: Absa
Country: South Africa
City: Johannesburg

  <     >