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Debt Counselling Repayment Calculator 2019

Debt Counselling Repayment Calculator Credit Salvage

Debt Counselling Repayment Calculator

When dealing with debt, there is no shame in searching for assistance. A firm commitment is the first step to getting out of debt. Everybody wants to live a debt-free life, but you will not get out of debt if you don’t make that important commitment.

Once you have made the commitment and made the decision to commit yourself, resources will appear during the process to assist you to get to your debt-free lifestyle. The choice is only yours to make, and we will be there to assist. If you have a vague idea of getting out of debt, it is unlikely that you will succeed. But if you commit to achieving your financial goals, your attitude will be the driving force behind your success. Think about your old habits that led you to your debt. Is this because you couldn't wait to buy that expensive luxury vehicle to fit in with the Joneses or did you take a holiday that was beyond your means?

If you're afraid that you'll miss life because you are working to get out of debt you may be surprised how many fun and affordable things are around to do without getting deeper into debt.

Our Debt Counselling repayment calculator is an essential tool for getting insights into how long it will take to pay off your debt. The calculator will also assist in alleviating the concerns about how long the process will take.  Getting out of debt is a complicated process without assistance and it can be a big mistake to try and get out of debt without assistance.

Please visit our calculator to see how debt counselling can be an efficient tool to help rid you of your debt

Calculate your debt by clicking here

The data and debt counselling calculator provided here can assist you to analyze your financial situation. It is based on the information you have provided on your objectives, expectations, and financial circumstances. The calculations do not show that the company takes on any responsibility for the use of these figures. The calculations should not be interpreted as financial, legal or tax advice. Moreover, information of this kind should not be used as the sole source of information. This data comes from sources that we consider to be trustworthy but cannot ensure their correctness.

How to fight financial depression in a Weak South African Economy

How to fight financial depression in a Weak South African Economy

How to fight financial depression in a Weak South African Economy. Debt Counselling has a solution.

Many South Africans are living in debt due to a weak currency and economy.  According to the National Credit Regulator (NCR), 25 million consumers are living in debt and 40% of these consumers are behind with repayments. Monthly we see fuel costs rising and as soon as the fuel prices increase it means it will be more expenses to buy food and consumables. It will cost more to transport products from A to B. This cost increase will be passed down to the struggling consumer who has no alternative but to bear the cost of acquiring these products, causing consumers to go into deep debt.  In South Africa’s struggling economy, the cost of living has skyrocketed, and South Africans have a reluctance to change their quality of life and are making use of credit and loans to maintain this quality of life. If you are one of the millions of South Africans affected by debt and unmanageable debt, you might be prone to depression due to unmanageable debt. Avoid at all costs of falling into depression due to debt, unmanageable debt and backlisting's. Consider planning to combat financial headaches, unmanageable debt.

According to research carried out by the London School of Economics and Political Science, in South Africa, depression costs the nation more than R232 billion. Similarly, the latest study by Momentum discovered that around 27 per cent of staff go to work but are distracted, and businesses are losing an estimated R25 billion a year owing to absenteeism due to financial depression. For these employees, one of the biggest distractions was struggling to cope with existing debt or unplanned expenses. The study recommended interventions such as training in employee debt management and financial education programs. The National Act promulgated debt counselling as an effective legal way to combat financial stress and to address over-indebtedness and unmanageable debt.

Financial depression is not an easy thing to fight, especially when you think about factors beyond your control like the weak economy, rising food prices and the ever-increasing fuel prices. Rather than wondering where it all went wrong or how your depression even started in the first place, formulate a plan to combat your debt. Debt counselling is the quickest way of combatting debt. You will experience immediate relief and legal action will stop instantaneously.

Dealing with Financial depression:

  • Shame
  • Guilt
  • Alcohol and drugs
  • Repossessions

Shame: The worst thing you can do is try to hide a bad financial situation from others. Don't let yourself be isolated by shame, which is very common, let others in and let them know how hard things are for you financially. It is not easy to tell others about the fact that you have depression but telling those close to you about your depression. You can let them know you need them to be there for you to provide emotional support. Reach out to your loved ones and don't let anybody isolate you from your depression.

Guilt: is the most prevalent cause that can lead to depression, but the simplest way to beat it is likely to avoid putting blame on yourself.  In most cases, your current financial situation is not your fault, and blaming yourself will not help you in any way. Guilt can make you feel completely inadequate and can make depression symptoms worse.

Alcohol and drugs were recognized to aggravate the symptoms of depression. When you're depressed, it may be tempting to drink alcohol more often, but don't do it, no matter how difficult you find it to cope.  Drinking and drugs will affect your brain chemistry, which can ruin your relationships that matter in your life. Research has shown that not only can economic instability lead to depression; it can also have a negative effect on the economy. Depression impacts about one in four South Africans, according to the South African Depression and Anxiety Group (SADAG). According to the South African Department of Health, around 400 million individuals around the globe are suffering from mental or neurological disorders or psychosocial issues. Such illnesses vary in severity and include alcohol and drug abuse-related diseases.

Repossessions: If you are behind on your payments for home loans, debt counselling and debt assessment will help keep your most prized assets secure from repossession.  Debt counselling is an efficient program to help customers financially rehabilitate themselves and free themselves from debt. The debt counselling process is covered by the National Credit Act and the process of debt counselling is dedicated to financially assisting individuals.

We are a debt management specialist and will educate our clients on effective debt management. Take control of your finances before your debt situation turns to depression. Acting as soon as you see the warning signs will counter the drastic effects of depression. Our services include debt counselling, credit clearance, debt review, settlement negotiations and reckless lending investigations.

Each client will be dealt with complete confidentiality. Should a client need Gambling, alcohol and drug treatment professionals we will refer to specialists to assist.

South Africa’s new debt relief law will make it tougher to get a loan 2019

South Africas new debt relief bill will make it tough to get loans

South Africa’s new debt relief laws will make it tougher to get a loan2019

In the news: - Article published by https://businesstech.co.za

South Africa’s new debt relief laws will harm its international standing and may lead to a further credit downgrade.

This is according to Dawie Roodt, chief economist at the Efficient Group, who said that the new legislation will also add to the country’s growing national debt.

“We’re on the threshold of seeing the expropriation of land without compensation,” he said.

“Now the ANC government is fiddling with the financial system by condoning the write-off of anywhere between R13billion and R20billion (according to the National Treasury) of debt belonging to banks and other financial institutions.

“These loans are as much property as anything else and are protected by article 25 of the constitution. What kind of message is this sending to the rating agencies such as Moody’s and Standard & Poor’s?”

Officially approved by President Cyril Ramaphosa last week, the controversial National Credit Amendment Bill promises to provide a breather for some of the country’s hard-pressed consumers.

The act will allow certain applicants to have their debt suspended in part or in full for up to 24 months.

This debt may then be extinguished altogether if the financial circumstances of the applicant do not improve.

The criteria for meeting this debt write-off include:

  • Where the unsecured debt is not more than R50,000.
  • Where the unsecured debt was accrued through unsecured credit agreements, unsecured short term credit transactions or unsecured credit facilities only;
  • Where the person earned no more than R7,500 a month over the last six months.

Loan issues 

Neil Roets, CEO of Debt Rescue, said it was highly likely that financial institutions – who stand to lose billions should loans be written off – would tighten lending criteria to the point where most of these individuals would not be able to get loans in future.

“The very group that the debt forgiveness program is allegedly aimed at according to the Department of Trade and Industry (i.e., retrenched workers and low wage earners) will be the very people who will not be able to source a line of credit when this policy (is implemented).”

This was confirmed by Cas Coovadia, the managing director of the Banking Association of South Africa, who said that the country’s banks would tighten their lending in response to the new act.

Coovadia said that his association had performed an economic impact assessment and engaged the Department of Trade and Industry, which is spearheading the bill, and found that banks will either must price in higher risks or avoid lending to low-income customers altogether.

“This could have serious economic implications,” he said. “We will await the gazetting of the bill and details around its implementation. We will sit down and consider our other options.”

Source: https://businesstech.co.za/news/finance/335393/south-africas-new-debt-relief-laws-will-make-it-tougher-to-get-a-loan/

 

New marriage, debt and debt counselling 2019

New marriage debt and debt counselling

NEW MARRIAGE, DEBT AND DEBT COUNSELLING - 2019

You found your soul mate and you decided to get married.  The problem is you find out your new partner had some difficulties with debt in the past and is currently in debt. Please read the information below to understand how your partners’ debt affects you and if debt counselling can be a solution.

Getting married usually means combining many aspects of your financial life. So, if your current or future spouse has a lot of debt, this is going to impact you as well.

Debt adds enormous amounts of unneeded stress to a healthy relationship and makes arguments over money much more likely. It is important to address debt and financial issues up front as early as possible. Below are a few tips to help you through the process.

Discussion about how debt will affect your future financial goals

If a partner is in debt all aspects of your joint financial life will be affected. For example, you won’t be able to buy a family home as the debt will make both you and your spouse over-indebted. The home loan application will get declined as credit providers will perform an affordability assessment as required by the National Credit Act (NCA).

Your new financial partnership will also not have extra money available to devote to other goals like saving for retirement, starting a family, or planning overseas trips. Most of the disposable income will go towards servicing outstanding debts.

Deciding how to handle the repayments

The most obvious solution to debt problems is for both spouses to combine their respective incomes and tackle the debt problem head-on. This requires both parties to get invested in this joint goal with both parties agreeing to work on it. This will speed up the process of ensuring the new partnership is debt-free.

There may be the situation that one partner may not want to contribute any of their spare disposable income to go on their new partner’s debt. Both parties may agree to have separate financial lives for them to do what they want with their own money. If this is the case, make sure that both agree with the idea that the debt will be the responsibility of the partner who made the debt.

Plan how future life events such as having children could affect your payoff plan

While your partner with debt may have great plans to pay off his or her debt, you might think in a few years that he or she will become debt-free, life is unpredictable. Both partners need to cater and make plans for life’s little unexpected surprises. For example – the spouse with debt obligations might get retrenched and stay unemployed for a period. Communication is vital upfront if the other spouse without debt will take over and service the debt while the other spouse remains unemployed.

Both partners need to be on the same page about how you plan for unexpected contingencies and how you will adjust for unforeseen circumstances while making sure the debt gets paid.

Without clear and open communication channels about debt, the new marriage stands a great chance in dissolving and divorce. Research shows that carrying consumer debt in a marriage will harm a marriage, especially if the spouses fight about the debt situation. In a study of more than 4 500 marriages, researchers saw that couples with high debt fought more often about money and finances and this, in turn, created much lower marital satisfaction. In general, fighting over financial issues in a marriage is a major cause of divorce. Money and financial distress are the number one contributing factor to divorce.

The same study also showed that paying off the debt is linked to increased marital satisfaction.

Budgeting in marriage.

Make a budget that includes the debts of your partner and ensure you create a budget you can afford with a comfortable lifestyle while still paying off the debt. This is crucial if you plan to keep your bank accounts separate.

Sit down and work out what you're going to invest, save, as well as how much you are going to pay towards the debt. This will ensure your budget is reasonable and agreeable to both parties.

In some cases, it is important for you to ensure that the legal liability you share for your spouse’s debt does not remain stuck if you end up getting a divorce or due to the unfortunate event of the death of your spouse.

Although nobody wants to think about this, you must be practical and safeguard yourself in the marriage, particularly if there is a large income gap between you and your spouse.

Debt Counselling is a confidential program which assists with finance-related issues and situations. This option should be considered.

Consider speaking about a prenuptial agreement with an attorney to protect yourself in the event of divorce. It is not one of the most romantic conversations to have, but if something goes wrong it could save you from detrimental monetary loss. Take these steps as soon as possible to ensure the debt will not hurt your relationship.

Married in community of property and the debt counselling process

If you are married in a community of property, both of you would have to apply for debt counselling and follow the process jointly even if only one of the spouses is over-indebted.  In terms of current legislation if you are to get married under community of property you will be categorized as having one joint estate. Once you decide to tackle your financial debt problem using debt counselling, you and your partner will be both responsible for repaying a restructuring monthly instalment under debt counselling.

It is important to prioritize your relationship and marriage. Getting out of Debt requires dedication, but it should not be at the expense of your marriage. Always keep your relationship first and make sure your spouse knows that he or she always comes first

Regardless of the financial difficulties you and your spouse might face, see it as an opportunity to develop your relationship further. Consider making use of our debt counselling program to assist you and your spouse overcome debt.

Our innovative and legal services will assist in a seamless and easy transition from being over-indebted to becoming debt-free with debt counselling and debt review.

We guarantee that your debts won’t spiral out of control with the following services Credit Clearance, Debt Counselling, Debt Review, Settlement Negotiations, Credit Score Rehabilitation and Credit Reports from four of the major credit bureaus in South Africa.

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