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Devastating impact of First Tech mess

A Fin24 user, whose husband worked for the liquidated engineering firm First Tech Group (First Strut), shares her story of the resultant financial impact on her family. She writes:

I am another one of the many affected by the closure of the First Tech Group. My husband was employed at the factory in Benrose.

To say that I am furious over this is an understatement. I sit here watching him go through this and am utterly helpless.

They were told that they are not getting paid for the two weeks they did work this month.

I am not convinced that all of his pension is there, or if they made the UIF contributions.

I have contacted Legal Wise, but would also love to know from Fin24 what legal repercussions we have.

I feel that all the ex employees should band together. Many thanks for the outlet.

The devastating  impact of the First Tech mess

Sophia Vorster, an independent financial broker, responds:

From a debt point of view I would advise the user to contact all her debtors and place it on record that her husband has lost his job and will thus not be able to make their monthly obligated payments.

If the writer has a home loan I would suggest that she contacts the bond holder and ask for a payment holiday of three to six months.

During that time she could then either put their house in the market of get alternative employment to be able to start bond repayments again.

I hope the client possibly took out retrenchment cover on store cards or on their bank loans(if they could). Then the debt will be paid off by that policy.

In cases like this I will also look at starting a class action against the company and possibly see what they can get out of the liquidation process.

- Fin24

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