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Let’s face it, life can be expensive. You can go from being on top of your finances to drowning in debt very quickly – whether it be due to unforeseen medical expenses, a terrible car accident, loss of income, or simply not being able to keep up with day to day expenses. For this reason,...
Many people in South Africa try to solve their debt problems with more debt. It is a common misconception that if you cannot afford to pay off a loan, the solution is to take out another loan to cover it. This, however, will lead you to an even worse off financial situation, as the more...
Many South Africans are struggling to meet their monthly debt obligations because of various factors, including the ever-increasing standard of living. Sadly, some don’t even know that help is within their reach. In 2007, the government introduced a programme called debt counselling to assist such consumers. What is debt counselling? Debt counselling is a debt...
Everyone would love to start their marriage on a clean slate. But we all have burdens from our past, and sometimes these burdens are financial. So what does it mean for your future if your new spouse is overindebted? Will you be liable for their debt? Depending on the type of marriage contract you and...
You notice most of your salary is going towards your debt repayments each month, you cannot afford to put money towards a savings account, you purchase your groceries with your credit card, and your credit applications are being rejected. These are all signs you’re carrying too much debt. But how much is too much? A...
So, you’ve reached the end of the debt counselling journey – a fantastic achievement. Like many who have been part of the programme, you are probably wondering what’s next and how your life is going to change after the programme. Here is what you should expect: Once all the necessary paid up letters from your...
You may be familiar with the term “debt counselling”, but perhaps you have questions around the process and specifically how long it takes to complete. While the general time frame is 60 months or between 3 to 5 years, it is dependent on how much debt you have and how much you can afford to...
If you’re struggling with managing your debt, you may be considering debt counselling or a debt consolidation loan as possible solutions to ease the financial strain. It is important to understand the difference between these two debt solutions, as although both are aimed at making managing your debt easier, they are two differently designed processes....
To many South Africans the term “debt counselling” is seen as some sort of financial curse word. That if spoken, it swallows any hope you have of a healthy credit record. (Which is a complete myth!) But how did one of the best debt solutions inherit this stigma?  And what are the other common myths...
On occasion, you may find that you come into a lump sum of money and are not sure what to do with it… There may be a few good and sensible places to put a lump sum of money, such as putting it towards a savings account or investing it, but when you have a...
Prior to 2015, if a consumer wanted to exit the debt counselling process , they would have to contact the respective Debt Counsellor and request cancellation, in which case a Form 17.4 (voluntary withdrawal from debt counselling ) would be issued to all parties involved and the consumer would be able to successfully withdraw from...
The Intelligent Debt Management (IDM) Group has once again received the highest industry accolade at the annual Debt Review Awards for two of its subsidiaries – DebtBusters and Consumer Debt Help. The gala event held on Saturday, 2 June 2018 at The River Club in Cape Town, celebrated business excellence in the debt counselling industry,...