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 Rating agencies may come knocking

It is only the middle of February, but the rand has already made two big moves. The first was the rand moving from R14.60 to R 13.20 at the beginning of the year, as emerging markets (EM) became fashionable again. The second was where the rand gave away nearly 90 cents in 2 weeks as the EM rally ran out of steam, and local events started to hit the headlines.

Read more

The cost of sending money home to neighbouring countries

Transferring money home within the Southern African Development Community (SADC) provides vital financial support for many households in neighbouring countries.

Read more

Student bank accounts: Which come out on top?

Being a student signals budgeting and not having a lot of money at your disposal. This means streamlining expenses such as your grocery costs and entertainment budget. But what if your bank account is in fact costing you more than you can afford?

Read more

Can you afford an ambulance in South Africa?

When a loved one is straddling the line between life and death, you won’t hesitate to call an ambulance. This week, Justmoney found out how much an ambulance ride costs in South Africa, whether you can refuse to get into an ambulance, and who pays the bill if you’re unconscious. 

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

President Hotel Easter Special

Price: From R1,500
When: 15 March to 30 April
Where: Cape Town

Kulula-Preskil Island Resort Special

Price: R16,999
When: 11 May -14 September
Where: Mauritius

A Touch Of Madness Tuck In Tuesday Special

Price: R70
When: Tuesdays
Where: Cape Town