Question

Hi me again, I have written to you a few times previously. Just when we thought things were going to start looking up they have gotten a hundred times worse. We still have one car that needs to be sold.

From the first of May the house was to let for about half its repayments a month. Still hadn't managed to sell either the house or the flat. Then the tenant in the flat who was covering half its monthly repayments gave notice. Also, I received a letter from the bank to say that, as of next month they are taking R5000 a month to deduct from the overdraft until such a date that it is paid off.

Then the bank let us know they are forclosing on the house. So they will end up auctioning it off at about 500 000 less than is owed on it. Then with the 100 000 overdraft and the other credit cards and accounts plus the near R100 000 in loans from the last couple of months. I am sure the debt is going to be about R1 000 000 to pay off.

How do you ever get through paying something like that? Have chatted with an attourney, he also think that maybe sequestration is the only option left. Please send me some last advice before a decision has to be made.

Thanks

Answer

FINANCE

But what I can tell you for now is that you are not alone! Even if you realised now that you probably did over-commit financially and did not have reserve or emergency funds, you have to now go through the process and see it through to the end. You are not alone in this. See it as a chance to know that at the end of the day, whether it is going to be rough and even embarressing, the people I know that go through this NEVER come out the same in the end. They are all stronger, all are very responsible in their finances.

There are even successful businessmen who went through this and it made them do business differently, take risks differently, draw up contracts even when they wanted to trust people on their word. The main thing for you to hang on to now is to know that THIS does not determine who and what you are at the end of the day. Get up every day, get dressed and look after yourself physically, emotionally and spiritually. Write positive things down that when a "bad" moment hits you, go and read it out loud! And most of all, see it a challenge to (whatever happens!) see it through with honesty, dignity and self-worth.

- Charné van der Walt