If I miss a debt review payment what will happen?

As hard as it may be during challenging times, do not miss a debt review payment.   Debt review is a legal process, and your payment plan has been accepted by all your creditors. A court order has also been granted.

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The main concern of people in debt is repossession of their assets, like their car. This leads to the popular question of “Can I lose my car if I go under debt review?” The simple answer is no. This is because when you enter under debt review, your assets are protected under the NCA (national credit act).

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Are you in debt and struggling to pay it off? Are your assets in danger of repossession? Debt counselling may be the right path for you to take. Debt counselling can reduce your debt repayments to an affordable rate so that you can pay off your debt and have money left over to pay for everyday expenses.

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If you are wanting to take a bond out on a house or finance a car, you need to have a good credit score. 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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Teaching your child to save from a young age can set them up for a great financial future. Saving money is a difficult task to learn, some adults have yet to master it. This means that teaching your children how to save is of great importance. Here are some simple tips on how to teach your children how to save for their futures.

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Taking on debt isn’t always a bad thing. Particularly if you look at purchasing a house or a car. You just need to make sure you keep on top of the monthly repayments.

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So why buy your own house?

Buying a house means that you can make any improvements you like, which can increase the overall value of your property. Renting? Making changes won’t be that easy and tenants need permission from the landlord for most things. Want to start a family? Some landlords have rules against having pets or children, so starting your dream family in a rental might not be an option. However, renting gives you the flexibility to move once your lease agreement date has expired.

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No one likes to  admit they are struggling with debt. But it is important to know that many South Africans are in the same position. There are over 8 million credit-active consumers are deemed ‘over-indebted’. This means more than half their salary is going towards servicing their debt and many have missed repayments and found themselves to be in arrears.  There is help available. Don’t be afraid to ask.

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5 ways debt can affect your health and ways to combat them

Most people today struggle with debt, but do you realize how much debt can affect your health? You’ll be surprised at how debt can affect you physically, mentally and in your everyday life.. Below are just a few ways debt may be affecting your health!

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