1. When deducting dwelling bills from your net wage, ending up with less cash left over than installments on your total debt – chances are you’ll apply for debt counseling

2. Essential residing bills embody lease or housing, school fees, service providers, utilities, food, transport (petrol or commuting)

3. You could have an income, either be an worker or self employed

4. It’s essential to have money left over after paying your essential expenses, before debt payments every months

5. The biggest mistake is to do nothing! Don’t wait for a rise in wage, go playing or to win the lottery. Don’t avoid your debt and creditors and hope they will just disappear. Don’t ignore any calls or letters out of your credit providers; in any other case they’re legally entitled to take authorized action in opposition to you.

6. Take motion the moment you see that your present revenue doesn’t meet all of your month-to-month expenses. Don’t wait until you obtain a court summons.

7. Your car and house can’t 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 can’t be stopped after you could have obtained a court summons out of your creditor, even when you start to apply for debt review after receiving it.

9. You can not apply for additional credit while under debt review. You also cannot 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 sufficient monetary strain to grow to be over-indebted.

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

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