Here, we answer some common questions about debt and debt counselling that we receive from new and existing clients. Have further questions? Talk to us at 0869 99 06 06 or [email protected]
A credit bureau collects and stores data supplied by credit providers. The data is used to draw up a record of how consumers manage their credit. Credit bureaus fulfill the duty of gathering data and compiling reports on individual consumers and allocate them a credit score.
My credit record has been breached and I have become a victim of Fraud. I was contacted by Telkom a few months ago, stating that I owed R2000 and that I am to make the payment before my landline is terminated. However, I do not have a landline at home and I do not use any Telkom related services.
Your situation is what one would refer to as the classic “debt cycle”, whereby individuals borrow too much credit that they can no longer afford to pay off and therefore end up taking out additional larger loans in order to pay off their current accrued debt. The problem is, eventually you will no longer be able to meet your debt repayments as your debt will become unaffordable.
I am earning a good income, but I am struggling to make ends meet. Can you please advise on how I can sort out my debts and still stick within my budget? I do not want to impair my credit history, as I would like to purchase a house one day in the near future.
Is there a way to settle outstanding debt without going under debt counselling? I have approximately R300 000 worth of debt, which comprises personal loans and credit card accounts, which I would like to settle.
My husband and I both had good jobs and we have always been able to afford our expenses. Due to the recession and the poor economic circumstances in South Africa, my husband was retrenched and lost his job.
I would like to apply for debt consolidation, but I am worried about whether it will be effective in the long run. I am in a financial situation, ridden with debt, which I have never been in before. I owe so much money to my credit providers. I do not know where to begin. I owe R25000 for my credit card, R50000 personal loan, R26000 overdraft and I have to pay R4300 for my child’s school fees every month.
Prescription was introduced as means of protecting South African consumers from unscrupulous credit providers, who are accountable for recklessly lending credit and have contributed to the detrimental debt crisis South Africa currently faces.
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