What a year it’s been…When the dust finally settles and we look back at 2020, the history books will reflect on how China sneezed, and the rest of the world caught a terrible cold that almost crippled the world economy.
But this is something our children’s children will read about one day. Many of us won’t need a reminder of 2020 because we will be carrying the emotional and financial scars for many years to come.
How are you and your family managing?
Are you keeping your head above water?
At South African Debt Advisors (Pty) Ltd we offer Debt Review as an option to over-indebted South Africans. It’s a legal process that affords any over-indebted South African the opportunity to put up their hand and say, “I can’t manage to pay back all my debt at the moment. I need some relief, please”
How does it work? That’s a good question.
We start with pulling your credit details from Vericred (a South African credit bureau) to give you an idea of who you owe money to, what your monthly instalments are and the interest charges levied against your loans. Then we complete a quick 10-minute phone assessment to work out how much you really can afford to pay your creditors each month.
If we find that you are over-indebted, you might be a candidate for Debt Review and in most cases, we can reduce your monthly repayments by 50%.
What happens if you aren’t working at the moment?
It’s a tricky situation because our role as Debt Counsellors is to work out what your financial situation looks like and, through a budgeting exercise, we determine what you can afford to pay your creditors. We need to keep the creditors in mind when we do this because that’s also part of our job description (believe it or not) 🙂 If you aren’t working, then it’s fairly obvious that you will not be in a position to pay anything back to your creditors which means we aren’t in a position to help you right now.
If you find yourself in this situation, we suggest that you get in touch with your creditors and work out some type of arrangement with them. Once you are working again, and you have a regular income hitting your bank account every month, then discussing the possibility of entering into Debt Review is something to consider, especially if you can’t see any end in sight.
Debt Review often gets a bad rep, but the fact remains that if you are battling to make ends meet and have debt bills up to your eyeballs, taking out another loan isn’t the correct answer to the problem.
Why don’t you leave your details below and we will get a trained representative in our business to pull your credit details for FREE and discuss your options with you?
Kind regards,
The SA Debt Advisors Team
