The rise in the Repo Rate impacts all South Africans, but those with high levels of debt will feel it most as the prime lending rate (rate at which commercial banks lend money to consumers) goes up.
28 November 2012
For our clients under debt review we often get the question ‘how can I get out of debt review faster?’ and there are a number of ways this can be done;
• Constantly revisit your income and expenditure in your budget to see if there are any areas where you can save more money. To increase your income this may include salary increases, renting a room in your house, taking on a second job. In order to reduce your expenses you can renegotiate contracts such as rent and cell phones, or get your insurance premiums requited with Insurance Busters – email@example.com . With this extra money contact DebtBusters to see where it would be best to put these extra funds as well as finding out how this effects the payment terms.
• If you are one of the lucky ones to get a bonus or 13th cheque, then let us know when this happens. With these lumps sums, we can often pay off a number of the smaller debts by using our ‘debt settlement negotiators’ who often get discounts up to 40%, therefore enabling you to settle more accounts.
• Perhaps you get money back from SARS or a life policy matures or maybe some inheritance. Once again use these funds wisely and call us on 0861 663 328 to find out how we can settle your debt for you.
• If you have two or more properties and you are finding that it is difficult for you to service the bond, due to the property being empty or that the rent does not cover the bond and other costs, then think about selling the property. This can be done on the open market or via one of the banks ‘Assist’ programs. These programs help you sell your property and if there is any shortfall they offer large concessions which can amount to savings of hundreds of thousands of Rand, which you would otherwise have to pay back over a long time. Call DebtBusters on 0861 663 328 to get more information.