Debt Consolidation

Having too much debt can be a burden. Many South Africans struggle with managing their debt and this often has stressful and lasting effects. For this reason, many have chosen to opt for debt consolidation as it’s safe and lightens the load almost immediately.

By filling out the form below, you will notify a qualified financial adviser of your interest in debt consolidation and they will get in touch with you to discuss this further.

 

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Understanding debt consolidation

Debt consolidation is a debt solution that was instituted by the National Credit Regulator and is stipulated and protected in the National Credit Act. This is available to the overindebted and combines all your monthly debt payments while negotiating with all your creditors for reduced payment amounts.

This solution focusses largely on rehabilitating your debt and allowing you to repay it in a manageable and financially safe manner. Once declared overindebted and signed up to the debt consolidation process the following will happen:

You will be protected from having to communicate with your creditors because your assigned debt counsellor will be tasked to do so. You will also be protected from any defaults, judgements, and other legal action. This will hold true as long as you uphold your payment arrangements.

How do I know if I need debt consolidation?

Many South Africans struggle in silence with their debt, unaware of the fact that they may be a candidate for debt consolidation. Here are a few common indicators that this may be a solution for you:

  • You cannot keep track of which credit providers you are paying every month and how much.
  • You are unable to manage your monthly expenditure.
  • You find yourself taking out loans to survive the month.
  • The majority of your income is allocated to your debt.
  • You may have a judgement or default against your name.

Before you get started

It’s important to understand what you are signing up for and how it may affect your finances going forward.  

Debt consolidation can help you make a saving on everything from service fees, administration charges, debit order charges, and even insurance costs. It also helps to repair your credit score, which may in all likelihood have been damaged due to mismanaging your debt.

This process also may mean that you will be unable to access any further credit while you are undergoing the debt consolidation process. This will allow you to make headway with your existing debt without adding any additional financial strain.

To further understand debt consolidation, click here.

Struggling with your debt can have far-reaching effects on your wellbeing. For many South Africans, this financial strain is their reality, but it doesn’t have to be yours. For trusted, professional help in managing your debt from trained debt advisors who care, take the first step today.


Guides

The guide below helps to explain debt consolidation. If you still have questions after reading the guide, ask our debt expert or you can also visit our FAQ page.

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