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Debt Consolidation Guide

At DebtBusters, we believe in simplicity.We realise that debt solutions may come across as confusing and in depth.

In order to make the process as simple for you as possible, have a look at the debt solution guides filled with information on each debt process, in order to gain a better understanding and see exactly how debt solutions are executed.

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:

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  • 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

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Contact Us

5th Floor, 11 Adderley Street,Cape Town, 8001
[email protected]

Operating Hours:

Mon-Thu: 07:00 - 21:00
Fri: 07:00 - 18:00
Sat: 09:00 - 12:30

Call our experts now on 0861 365 910Registered debt counsellor NCRDC2484A member of the National Debt Counsellors Association