The Truth about Debt Review

Thanks to the recent economic crisis, people are more familiar with debt than they would like to be. Unfortunately, they are also applying for debt review for all the wrong reasons – thinking they can avoid their debts when they really need to confront them with lifestyle changes.

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A guide to the credit bureaus in South Africa

If you are wanting to take a bond out on a house or finance a car, you need to have a good credit score, lenders will ask one or more of these bureaus for information about you before accepting your credit application To make sure your credit score is healthy you need to check with South Africa’s 4 main credit bureaus. These include:

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What Does Debt Rescue Mean?

Do you have sleepless nights thinking about how much debt you are in? Wondering “how on earth am I going to pay off all of my debt?” There is an option that can help you to sleep easier at night while you become debt free! Debt rescue may be the right choice for you.

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7 Simple ways to save money

There is always a reason to start saving you just need one that resonates with you. Deciding when to start saving could make a huge difference in your financial future. Savings are defined as a portion of income that is not spent on current expenditures and put aside for when it's needed.

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The key components of financial literacy

Financial literacy refers to a basic understanding of money and its four pillars: debt, budgeting, saving, and investing. It's knowing how to use the power of these foundations to create wealth over the course of one's life.

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Learn how to do more with your money

Learning how to manage your finances at a young age may seem hard but it will set the foundation for your future finances. Saving for your retirement may seem daunting t at a young age but to enjoy your retirement, you need to start saving while you are young.

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Is debt review a good idea?

If you are struggling with paying off your debts, you may be considering debt review and may hear differing opinions on the advantages and disadvantages of debt review. Let's look at the comment opinions.

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Save effectively to keep you debt-free

In an over-indebted country such as South Africa, learning how to save effectively can be just the secret weapon you need to stay out of debt. Yes; it is challenging having to choose between saving for an emergency and paying off debt, but it is important that you do both.

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Should you take a personal loan when under debt review?

National Credit Act (NCA)

Simply put; you need to avoid loans at all costs when you are under debt review. Taking a personal loan when you are under debt review can cost you everything you’ve worked very hard for.

When the National Credit Act (NCA) introduced debt review in 2007; many South Africans have since been assisted and prevented from being blacklisted, having their assets repossessed, or living with a heavy burden of debt.

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Debt counselling explained

Debt counselling is a regulated process by the NCR. The process protects consumers from their creditors as no legal action can be taken once the proposed repayment plan has been accepted. It provides an opportunity to regain financial control to avoid future over-indebtedness and at the end of the process a clearance certificate is issued, and the credit record is cleared

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