Debt Consolidation Guide

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