Take a look at one of the following debt solution guides:
Debt Counselling Guide
Debt Management Guide
Debt Consolidation Guide
How Debt Consolidation is done: Debt Consolidation made easy - We are able to help you with an unsecured consolidation loan or a consolidation loan using your property. We are also able to help self-employed clients. Make sure you have all the necessary paperwork as per below to consolidate your debt. Use DebtBusters debt consolidationguide to assist you:
Requirements for applying for an unsecured personal loan:
- 3 months non internet stamped bank statements
- 3 months pay slips (Please indicate a contact and number for your HR division.)
- Copy of green bar-coded Identity book
- Proof of residency
- Details of your next of kin (Name, address, contact no.)
- Settlement letter of your latest existing loan accounts to be settled. (Maximum 5 accounts to be settled)
Fees: Please note that if successful, we will request a fee of R1, 250 (VAT excl.) from the proceeds of the loan. There is no fee payable if you do not take up the loan.
Requirements for applying for a secured loan:
Debt consolidation for bonds as a further loan
- BondBusters application
- Copy of your ID document
- Copies of your latest three months non-internet up to date personal bank statements (please ensure that these are stamped by the bank, even if they are copies of originals)
- Copies of your latest 3 months pay slips
- Copies of your latest six months non-internet and right up to date bond statements
- Copy of your latest and up to date rates statement
- Same will apply for spouse if married under community of property
Requirements for Self-employed clients:
- Copies of your latest three months non-internet and right up to date personal bank statements
- Copy of your latest two years financial statements
- A copy of the latest management accounts drawn up by your accountant, showing the current financial status of the business
- Copies of your latest six months non internet and right up to date business bank statements
- Copy of the accountants letter confirming monthly gross income derived from the business
Fees: The fee is currently set at 1% plus vat calculated on the total registered bond amount and there is a minimum fee of R5, 000 + VAT on all successful transactions. We operate on a no success, no fee basis.
The minimum criteria for debt consolidation:
Clients must Show
- A clear credit record
- No arrears on your repayments
Maximum Loan
- 85% of the value of your property
Bond repayment
- May not exceed 30% of your gross monthly income
What exactly will happen when you apply?
- A consultant will check documentation for accuracy
- A credit check will be done
- Your repayments to monthly income will be calculated
- A valuation of your property will be done
- The application will be forwarded to the banks for approval
What will happen if your application is successful?
- Your consultant will let you know
- An acceptance letter will be forwarded to you
- Attorneys will contact you to sign the registration letters
- All fees will be deducted from the total granted amount
What will happen if your application is unsuccessful?
- We will advise you the reasons why the application was unsuccessful
- We will review your circumstances and give tips
- We will make recommendations as to a solution that will work for you and why
