I often receive complaints from people who have signed agreements they haven’t fully understood. Unfortunately there is little recourse for the consumer in such cases. Take time to read the fine print. As consumers we tend to be very emotional...
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How do I start paying off my debts?
Ntebo writes: I was unemployed, and then fell behind with my debts. I have found a new job now and intend settling all my debts this year, but I don't know where to start as I am already behind with a lot of my monthly installments. I am not sure...
Ratings downgrade: already priced into market
By Dr Adrian Saville, Citadel Chief Strategist During the course of 2016 we believe there is a very good chance that at least one of the major ratings agencies will downgrade South Africa to sub-investment grade. However, there are a number of...
The risks behind MMM
MMM markets itself as a social financial network whereby members support each other financially to help each other get out of debt with financial institutions. Its website suggests that members can earn returns of up to 30% per month, and many...
Test-driving the new improved 22seven.com app
Over the last few weeks I have been working on the Show Your Money Who’s Boss campaign, a collaboration between Maya on Money, City Press and 22seven.com, which required me to test drive the money management app 22seven.com. I had tried out...
Can my husband’s ex-wife refuse to sell the property?
Tracy writes: I met my husband after his divorce. The agreement when he divorced was that two properties would have to be sold and the money would be split between him and his ex-wife. However, the process of disposing of the properties has still...
Should you close a paid-off home loan?
Morake writes: A friend of mine’s home loan is nearly paid off and she wants to know if she should close the home loan or keep it open. What is the procedure to closing a mortgage? Do you have to pay transfer duties to get the title deed? Maya...
When would you trust your child with a lump sum?
If a member of a retirement fund passes away leaving minor children, the trustees of the fund are required to determine whether or not to pay out the child’s portion of the fund directly to the surviving parent or guardian, or whether to transfer...
Beware of pyramid scheme MMM
I have received many reader queries about MMM and whether or not it is a safe investment. For example, Seraki writes: “My friends and colleagues are making a lot of money every month through this MMM, and I am tempted to join. I know that there are...
Beware of telephonic agreements
Max writes: I was called by a company who promised to send me a discount card that I can use for airtime, electricity and groceries. I asked for a written offer so that I could check their address and contact details. Soon afterwards an amount of...
Previous Articles
The two shares that have masked the JSE bear market
Geoff Blount, MD of BayHill Capital, finds that the underlying trend in the JSE has been negative since early 2015. Given that the South African economy has been limping along for at least three years, the strong stock market has confounded analysts. It seems there is...
Why GEPF members are cashing in
If you are a government employee, you need to be wary of advisers who recommend that you resign in order to access your pension before retirement. Many commentators have attributed the spate of government employee resignations, just before retirement, as a result of...
The concept of domicile and its far-reaching effects
By David Knott, a fiduciary expert at Private Client Trust Many people are unaware of the concept of “domicile” and few understand its implications. Domicile relates to the country where you have a permanent home, where you lay down your head each evening. How do you...
Tracking your MTN Zakhele shares
Xolani asks: I have had 20 shares in MTN Zakhele since their inception. I am in no hurry to cash them but would like to track their progress and maybe try to diversify my share portfolio by buying other shares with a portion thereof. My aim is to use these shares to...
Remote jamming could jam your insurance claim
You’re at your local shopping centre, the kids are screaming and you’re rushing to get your shopping done as quickly as possible so you hurriedly press the remote button to lock your car and run into the centre. But have you double-checked that your car is properly...
Is now a good time to buy a house?
Rebecca writes: I am a 36-year-old professional and single mother of two. I had planned that this would be the year that I would buy my own modest home. I have been listening to financial experts on TV saying that first-time home buyers must delay buying due to the...
To Trust or not to Trust
Trusts may be one way to protect your assets from creditors but it is not something you should enter into lightly as the negatives could outweigh the benefits of protection. Mpho wrote to me to argue the point that a trust would have been able to protect his assets...
Should I pay my mortgage a few days early?
Ridwan asks: I have been told that by splitting my monthly installment into two payments over the month, for example the 15th and the 30th of the month, I can save on interest as interest is calculated daily so the payment on the 15th reduces the capital outstanding...
How your money values are undermining your goals
Someone recently related a story to me about a member of his community who had fallen on hard times and had lost everything. He had gone from being an ultra-wealthy businessman to struggling to make ends meet. He had come to his friend for some advice on what to do...
How to cut down on your data usage
I’m a lot better at financial management than managing my cellphone data, but the reality is that data is money and for most of us, our smartphones are like a dripping tap, using data we are not even aware of. I received some useful tips on managing data from Karin...