Featured questions: My girlfriend and I are struggling with debt
I need some advice on debt. My girlfriend and I are struggling to pay all our debt. We have tried to apply for a consolidation loan from Old Mutual, but were told that they can`t help us as we both work for privately owned companies therefore the amount that they can lend to us is not nearly enough to pay off our debt.
What would the best option be to try?
Ian Wason, Justmoney's debt expert and CEO of DebtBusters answers:
"You may want to secure a loan from another institution, but remember that your instalments may actually end up being more than what you currently pay to your creditors combined. It may not be the best idea to address your debt with more debt. You can try contacting your creditors and renegotiate the payment terms and instalments.
"If you have defaulted on any of your payments, this will affect your credit record and therefore affect your chances of getting access to credit. Another remedy is debt counselling which is similar to a consolidation loan, as you make one consolidated payment every month towards your creditors, at a much lower rate (decreased interest rates) than you are currently paying.
"If you would like to hear more, please call DebtBusters on 0869 99 06 06 and receive a free call back."
Featured The newbies quick guide to tax season
Starting in September, the South African Revenue Service (SARS) kicks off tax season. But not everyone has experience in doing this. Every year, new employees and contractors enter the job market. So, what do these tax newbies need to know?
What’s the deal with underwriting?
When you apply for a long-term insurance policy, a financial adviser will ask some personal questions about your lifestyle, family history, health, and even ask you to take some medical tests. This process is called underwriting, but is it really necessary?
How are you taxed on your retrenchment package?
Unemployment is one of the biggest problems in South Africa. The emergence of the Covid-19 pandemic has exacerbated the situation with a lot of companies retrenching their employees. When retrenched, you’ll receive a retrenchment package, but do you know how much tax you’re liable for?
Car repossessed – don’t be taken for a ride
When the country is facing an economic downturn, chances are your finances will feel the pinch. This can lead you to make bad financial decisions such as skipping your vehicle payments. But every decision has consequences and if you don’t pay your instalment, the bank will repossess your car. But what can you do when this happens?
50% discount on kids’ clothes at Keedo
Price: Available on request
KFC Crunch Sliders for R29.90
Bakwena Spa Women’s Day Special
Price: From R699
When: 8-10 August 2020
Where: Western Cape and Gauteng