Debt Rescue

By Staff Writer

 

Debt can be pretty intimidating and overwhelming and if you need debt rescue you might not even know where to start.

Debt review could be your first stop for debt rescue.

But where do you start with your debt rescue?

If you apply for debt review, you might need to make some changes to your lifestyle.  These lifestyle changes could mean the following:

Getting rid of your DSTV
Getting rid of your 3G/other internet subscriptions or going for a cheaper option
Cancelling magazine subscriptions
No longer indulging in extravagant holidays or expensive nights out

If you need debt rescue and apply for debt counseling you might have to look to rent a cheaper house or sell any vehicles that you could do without. The money will be used to pay off your debts and how the extent to which you will have to adjust your lifestyle to will depend on how much debt you have.

 If you qualify for debt counseling, your debt rescue plan can start and your debt counselor will start preparing a debt restructuring proposal to be sent out to all creditors. 

The biggest benefit from this debt rescue plan is the fact you will no longer need to pay the full installment to all your creditors.   This means the debt repayments you have will be more affordable and this will significantly reduce the stress you have to endure with creditors constantly hounding you.

 When your debt rescue plan has been kicked into place and you are under debt review, your creditors cannot take legal action against you or repossess any of your assets

The negative side of being under debt review

One of the things that people who opt for the debt rescue plan of debt review finds it hardest to deal with is the fact that you are not allowed to obtain any further credit whilst under debt review and the fact that you have to cut up your credit card.

It is also a long process and it can take a few years to clear yourself of debt completely.

However, if you are serious about getting your finances back on track and you want a debt rescue plan that will work for you, debt review is a good option.

Recent Articles

Featured Changing from one medical scheme to another - effortlessly

It is coming up to the end of the year and you might be looking to change medical schemes, or options within a scheme in preparation for the new year. While you don’t necessarily have to wait for year-end to do so, providers often recommend it.

Read more

Your guide to financially surviving Christmas

There are a few times each year where you need to dig deeper into your pocket and spend more money such as birthdays, anniversaries, and the Christmas period. Whether you celebrate this religious holiday or not, the festive period - depending on how you choose to spend it - means increased travelling, buying of gifts, entertaining, and eating out at restaurants.


Read more

Trump, Trump and a little bit of South Africa

What a November we had, with the rand staging one of its best months and closing below the R14.00 level. To be honest, this looked like quite a far-fetched possibility at one stage during the month. It seems that the tide has changed a little, even though it might be short lived since the US dollar bulls are not so sure of their case anymore.

Read more

Momentum vs. The people: Who is at fault?

This week has seen insurance giant Momentum in the hot seat as debate sparked around its initial refusal of a R2.4 million life insurance pay-out. The deceased was killed in a hijacking but lost the right to claim upon failing to disclose a raised blood sugar condition at the inception of the policy, in 2014. Momentum has since agreed to the pay-out.

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

Free iCollege Scholarship

Price: R600
When: Until 16 May 2019
Where: Nationwide

Telkom December Big Deal

Price: R459 pm
When: Until 31 December
Where: Nationwide

Money Savvy Kids Giveaway

Price: R450
When: 8 December
Where: Johannesburg (Milpark)