Is a bad debt consolidation loan the answer to debt?

It is half past three in the morning and Viwe cannot fall asleep. Ever since she was a student at university, using credit has been a fast and efficient way to fund her entertainment and living expenses. Now, five years after graduating, she is kept awake by what feels like a never-ending nightmare.

Viwe is caught in a debt trap and needs a bad debt consolidation loan! Each month Viwe has to find enough money to pay her many accounts. She juggles things around, paying one this month, skipping next month to pay another; "robbing Peter to pay Paul” and borrowing more to avoid legal action.

All of this leaves her feeling confused and dizzy. By the next month she doesn’t know what is left in her bank account and can’t remember who she has paid and who she owes! With each month and year that has passed, Viwe has missed many of her monthly instalments to various credit providers and has started to accumulate additional interest and fees on her accounts in arrears.

Her credit score has been severely impacted and she can no longer get credit. She is trapped!

Viwe’s story is one of over 13 million South Africans that are in arrears on one or more of their accounts.

Like many clients that approach DebtBusters for help with their debt situation, Viwe thought that a debt consolidation loan was only the way for her to take control of her debt. She thought that getting a loan to consolidate her debt would mean she could regain her freedom and have fun again.

But, like many South Africans, her dreams were shattered when she was turned down by more than five credit providers because of her poor credit score and irregular payment behaviour. Fortunately for Viwe, hope was restored when she approached DebtBusters for Debt Review.

DebtBusters completed a credit check and debt assessment over the phone and reviewed exactly how much she owed and to who. DebtBusters also negotiated a lower debt repayment with all her credit providers, stripped out unnecessary fees and reduced interest rates so that she could pay one lower consolidated debt repayment each month.

No more sleepless nights and annoying SMS messages for Viwe!

DebtBusters, SA’s largest and most trusted Debt Counsellor is Viwe’s Champion in tough times! They stand between her and her credit providers and have made sure that she has legal protection from them.

Viwe now has peace of mind and she can focus on important things like raising her daughter and excelling at her job. Very soon she will be debt free! Instead of lying awake thinking of her debt, she dreams about a brighter future where she is free from debt and its stress. Her nightmares are over, thanks to DebtBusters!

Do you know someone like Viwe?

JOIN THE FIGHT AGAINST DEBT and refer a friend struggling with debt to DebtBusters today! Send their name, number and “dream” to 47546.