1. When deducting living expenses out of your net wage, ending up with less money left over than installments in your total debt – you could apply for debt counseling

2. Essential dwelling expenses embrace hire or housing, school charges, service providers, utilities, meals, transport (petrol or commuting)

3. You will need to have an revenue, either be an employee or self employed

4. You have to have money left over after paying your essential expenses, earlier than debt payments each months

5. The biggest mistake is to do nothing! Do not wait for an increase in wage, go playing or to win the lottery. Do not avoid your debt and creditors and hope they will just disappear. Don’t ignore any calls or letters from your credit providers; in any other case they are legally entitled to take authorized motion against you.

6. Take action the second you see that your current earnings doesn’t meet all of your month-to-month expenses. Do not wait till you obtain a court summons.

7. Your automobile and house cannot be repossessed after making use of for debt counseling and as quickly as your creditors have been informed that you are under debt review.

8. Repossession cannot be stopped after you’ve received a court summons out of your creditor, even if you happen to start to apply for debt review after receiving it.

9. You can’t apply for additional credit while under debt review. You additionally can’t make any purchases with your store and credit cards.

10. About 17.fifty three million South Africans are credit active, utilising 61 million credit accounts, averaging 3.5 accounts per credit active consumer. Having 2 credit cards to your name will place you under enough financial strain to turn into over-indebted.

Are you unable to keep up with your debt? Is your credit providers hassling you? Afraid you might lose everything? Get help from a debt counsellor to consolidate all your outstanding debt.

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