How the experience of editing the Total Money Makeover changed the way I view my finances Having written on personal finance for the last nine years and being a financially savvy person, I didn’t think there was much I would learn from working on...
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Debt collection: Know your rights
Nicky Campbell, consumer lawyer and author of the DIY Credit Repair toolkit says that harassment is common in the debt collection industry. Such harassment often leads to the consumer signing an acknowledgement of debt or making some sort of...
The cost of Wonga.com’s low-value, one-month loan
I was on my way to present at a conference about the lack of savings culture in South Africa when I first received a press release about Wonga.com. According to their release you could borrow money in six minutes. Six minutes to get a loan! This...
Step-by-step guide to repairing your credit history
The DIY Credit Repair Toolkit is a must have for anyone who wants to take control of their debts If you have taken on too much debt and are struggling to manage it; have had legal action against you or even if you are just thinking about taking on...
Borrowing to study
It is that time of year when many students will be selecting their courses for the year. In an ideal world one would have saved enough to pay for one’s studies, but unfortunately this is seldom the case and most students need to consider taking a...
Five tricks to reduce your home loan
Homeowners can reduce the term of their home loan and the total that they pay in with careful budgeting and clever tricks. A house is usually the biggest asset that you will buy in your lifetime, but it's made affordable by the 20-year term of...
Overwhelmed by debt? Call the debt hotline
The National Debt Mediation Association (NDMA) was created as a non-profit centre where consumers can lodge complaints about credit providers as well as issues with the debt counseling process. However, Magauta Mphahlele, CEO of the NDMA, says they...
Should I apply for debt consolidation?
“I am really committed to getting out of debt and I have R4000 a month to do so. I currently owe R30 000 on my FNB Credit Card, R25 000 on my ABSA credit card and I have a loan with FNB for R15 000. Should I consider debt consolidation?” asks Nina....
How can I clear my debts?
“I want to clear my debt this year which I believe I can do if I focus. Should I consider debt consolidation where I use one loan to clear all my debts and then commit to paying off the one loan over 18 months? The debt is spread across SARS,...
Time to fix your mortgage
Six months ago Barclays Wealth predicted that South African interest rates would increase by 200 basis points by the end of 2012. At that time banks were charging around 115 basis points above their existing rate for clients to fix their mortgage...
Previous Articles
Can foreigners apply for loans?
“I am a foreigner with a work permit and a stable income. Can I still apply for a personal loan without a South African ID?” writes Taurai. Maya replies: It seems this differs between banks. Standard Bank may be a good option while FNB is a flat no. Standard Bank...
Can you live without debt?
I was recently asked whether or not it was possible for a family of four to live without short-term debt. I think the question needs to be reversed. We need to be asking why we believe we need debt in order to live. According to the Old Mutual Savings Monitor, 65% of...
How do I consolidate my debt?
" I want to consolidate my debt and apply for a home loan, how do I go about it?," asks Howard Maya replies: Debt consolidation is usually done when you already own a home and you can use some of the equity (the difference between the value of the house and the...
Avoiding Repossession
Thabang asks: A friend of mine bought a car and now he can’t afford the installment. Is it wise to take it back to bank or to a dealer and will he get something back? Maya replies: It is very important that your friend sells the car rather than waiting until the bank...