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What you should know about Debt review

This is a plan that assists with your debts. The situation is not easily accepted until you consider the debt review process.
There will have to be a free debt assessment between a consumer and debt advisor, where a consumer get a chance to speak openly about the current situation. This may sometimes be traumatic to a consumer because of the harassment from the creditors with letters and daily calls; therefore it is more important for an advisor to be more calm and patient in order for the consumer to get all the attention she/he deserves.
This will involve the breaking down of all the debts and the creditors to be paid , which then assist the advisor by giving an indication of how much to combine into one affordable instalment to the creditors . Not even one debt should be left out during the time of assessment as this might arise during the payment process and affect contradict with the court procedure and arrangement with the creditors.

Qualifying criteria for Debt review:

  • Fully employed-provide payslip
  • Self employed and registered –provide Min 3 months bank statement and a legal document drafted stating what you pay yourself once your overheads are paid.
  • Self employed and not registered-provide 6 months bank statements
  • Minimum total balance per creditor –R1000
  • Minimum total balance for all your creditors –R20 000
  • Minimum salary of R3 000.00 and/or above

Types of debts we can deal with provide none are garnishees, summons, judgements, salary deductions or been to court.

  • Loans
  • Credit cards
  • Overdraft
  • Clothing accounts
  • Furniture
  • Avon
  • Bond
  • Car finance
  • Car HP (set at 70% of instalment-Must ask for copy of insurance)

Signs to look out for

  • Your expenses exceed your income and thus, you cannot pay your monthly accounts.
  • If you are struggling to repay your monthly expenses with your salary and you are afraid that creditors will take further steps, debt review is the best solution to you problem.
  • You start using loans or other facilities to repay your current debt For example… You are looking at a debt consolidation loan to repay all your debts.
  • You are afraid that creditors might start action against you
  • You are committed to being financially free, securing a future.

Budgeting Advice

Budgeting will help you see where your money is going; it’s easier to make sure you take into account all your monthly commitments.

STEP 1:

Work out you total income, add together all the income you get each month and make sure you include everything-whether its wages, benefits or pensions. If some of your expenses are paid weekly, forth nightly or monthly you’ll need to convert this income into monthly figures.

To do this you need to multiply the weekly figure by 52 and then divide this by 12. This will then give you a calendar month figure to use in your budget.

Prioritizing your Budget

STEP 2:

It’s best to start your budget with the information you already know. Most often this is either your past spending habits, or your current income. Both are great ways to start a budget so don’t fret over which one to pick, just go with what sounds easier in your current situation.

STEP 3:

As the name suggests, a budget based off your income proactively assigns a role for each rand you make. It IS a great way to manage your money, and it IS also the best way to make sure you are not spending more than you make!  A good rule of thumb is to use a 50-30-20 breakdown for your budget. Start with your NETT (AFTER DEDUCTIONS) –the amount that goes into your bank account each month end – and break it down into three parts.

Evaluate

Base your budget off a percentage of your income; give the hard numbers you ended up with another look to see if they make sense. You may need to spend more than 50% of your income on your needs, or maybe you can’t afford to spend 20% on savings at the moment. Don’t worry about it, but keep your general goals in mind as you adjust your budget to fit your life.

Things to check before considering the debt review plan

  • Be careful of scams and unregistered companies or agencies by doing a thorough investigation and research before you join.
  • The companies must be registered with the National Credit Regulator (NCR).
  • Remember: You have a right to ask questions, no matter how desperate you are for help; you need to know what you are committing yourself to.
  • If you are not sure or disagree with your debt counselor, take time to think and do calculations of your own and then once satisfied you can revert back to the Debt counselor.
  • Be prepared to make changes to your budget.

Request a callback

I.D. Number *
Name *
Surname *
Marital Status *
Phone *
Email *
Total Monthly Income *
Approximate Monthly Expenses *
Approximate Total Debt amount*
Approximate Total Debt Monthly Repayment *
Do you agree to be contacted by our agents? *  Yes
Are you currently under debt review or administration ? *
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