Poor financial planning skills and the lack of financial advice has left many South African consumers in poor financial standing, whereby they are ridden with debt and are struggling meet the interest payments on their debt, let alone payoff the debt itself. Indebted consumers are also failing to address the negative impact their ‘living for […]
28 November 2012
So, have you ever wondered what would happen if you just don’t pay your creditors?
Well if you are unable or unwilling to pay your debt and you just ignore it then it is very likely that your creditors will eventually take judgment against you (first there will be a summons).
Ok, so what happens then? There are several things that can happen:
1) They can attach your assets
2) They can demand a portion of your monthly salary
3) You will be listed on the credit bureau (in a very bad way)
Having a bad Credit Record can have a devastating effect on your life. You can’t buy the things you want, take out a bond or may even cause you problems getting that job you have dreamed of.
So the truth is you will pay …eventually.
DebtBusters offers you 4 tips to avoid getting your name listed:
1. Notify all your creditors of change of address
2. Attend to legal documents and letters immediately; these will not go away by ignoring them!
3. Should you be unable to pay your debt, make suitable arrangements with your creditors and stick to your obligations. Should this prove difficult contact us on 0861 NO DEBT.
4.Be careful what you sign. Peruse documents first and should you require advice, kindly contact us for assistance.
It is always much better to make a plan with your creditors to pay them back over time or to approach DebtBusters to assist you to make such a plan.
In most cases, the best way to take care of over-indebtedness to creditors, and to avoid repossessions of your property and vehicle, is to apply for debt counselling as soon as possible. The sooner you do something about your debt the better.