Debt consolidation simplifies your financial life by replacing multiple debt repayments such as credit card, personal/student loan or payday loan with one single installment. Debt consolidation involves taking out a new loan, at the lowest possible interest, to pay off multiple smaller debts. In some circumstances, this can save you money.

When is a debt consolidation plan a good idea?                                Those who do not fully understand the intricacies of the system often state that taking out another loan to pay off debt of previous loans doesn’t make sense, one bad credit cannot be used to pay another bad credit. However, in some circumstances, it definitely can. If multiple creditors constantly harass you by phone (an extremely unpleasant experience) and you want the calls to end, then a debt consolidation loan can be the best fix. If it’s planned out very carefully, it can also be the most cost-effective option.

It’s common practice in South Africa for credit companies to sell your debt to other companies, and this is typically where payment notifications turn into harassment. Although it’s illegal, some of these debt collection companies will add nonsensical bills to your owed total – charging you every time that they have to make a call, whether they reach you or not. If all of this makes you feel like you’ve lost control, that these collection people are mishandling your account and costing you more money, a debt consolidation loan is one option but it is not guaranteed, all will depend on your credit file and the other option is debt relief.

A debt review program is a more structured approach.

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Debt review is a different way to enjoy the benefit of consolidating all your debts into one payment, without the need to take out the need to apply for a loan.

Through debt counselling otherwise known as debt review — our affiliated accredited debt counselors will negotiate lower repayments with credit providers on your behalf, and arrange a restructured, combined monthly repayment amount. This will allow you to free up cash flow, which can be allocated to other living expenses.

Debt counselling is a formal debt solution introduced by South Africa’s National Credit Act of 2007.

Is debt counselling for me?                                                                                1 - After you pay your creditors every month, there isn’t enough left for living expenses.
2 - Life happened. Your partner died, you got divorced, or there was an unexpected medical expense.
3 - You have slowly been accumulating more and more debt to maintain your living standard or provide for your family.
4 - You have a number of different loans/credit cards, and you’ve started missing monthly payments.
5 - You are concerned that you may lose your car, movable assets or house.

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