While debt review can be a lifeline for an over-indebted consumer, it should not be entered into lightly. You need to be aware that once you enter debt review, you cannot apply for new credit, and you cannot exit debt review until all your debts...
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Struggling with car debt? Take action now!
According to the Experian Consumer Default Index, repayment of car debt has shown a marked deterioration as the extended Covid-19 lockdown puts South Africans under more financial pressure. Marc Friedman, CEO of car sale platform Weelee.co.za says...
Treasury says “no” to pension loan proposal
National Treasury has made it clear that it does not support any calls to allow members to borrow money from their pension funds. This was in response to a Private Member’s Bill to amend the Pension Funds Act. This Bill was put forward by DA MP Dr...
Don’t ignore your credit providers
The Credit Ombud wants to remind consumers that there are ways to ease the woes that come with being unemployed while having debt, and you shouldn’t just ignore your credit providers. If you’ve just lost your job or have had your salary reduced due...
Listen: Pros and cons of debt counselling
For many people COVID has had a major financial impact and some may be considering entering debt review. In this podcast Maya (@mayaonmoney) speaks to David O’Brien of debt counselling firm Meerkat to explain how debt counselling works and how to...
The best way to settle your car finance
Advance payments on car finance do not work the same as on your home loan, so it’s worth understanding how to make the most of it. Any debt that you pay off sooner than required will save you money on interest. However, you need to understand how...
Video: Loan scams
There has been an increase in loan scams as people become financially desperate and see a cheap loan as a way out of a financial crisis. My own inbox is flooded each day with emails from companies claiming to offer really cheap loans. Many of these...
Video: When to consider debt counselling
Even before lockdown, many people were finding it difficult to meet their debt repayments and facing the prospect of defaulting. Once you are in default, the collection and legal fees start mounting up. Debt that you were already struggling to...
How does my access bond work?
If you are confused about the effects of depositing extra funds into your home loan, you are not alone. During lockdown, many people looked into their finance agreements, which resulted in a lot of queries about what happens when you pay an...
Listen: How to pay off your home and car
If you are confused about how advance payments work when it comes to your home loan and car finance, you are not alone. In this podcast, Maya (@mayaonmoney) and Mapalo (@womanandfinance) unpack exactly how access bonds work and when advance...
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Monitor those payment holidays
We have received several complaints from readers who have been unhappy with the management of their payment holidays. Many bank customers believe they were not fully informed about the consequences of taking a payment holiday or in some cases were granted a payment...
Video: Make interest-rate cuts work for you
When we began 2020, who could have imagined that mortgage rates would fall by almost one-third, decreasing from 10% all the way down to 7% percent. Economists are even predicting further rate cuts this year. While this has been great news for borrowers, it has not...
Could technology revive the lay-by market?
I remember as a teenager buying on lay-by. Jet stores had a red and orange jersey that I had fallen in love with. I didn’t have the money to buy it, and in those days store cards were uncommon ‒ and certainly not available to a teenager. I bought the jersey on lay-by...
Stay on top of your repayments
Most agreements to suspend debt repayments or monthly premiums have come to an end. Make sure you understand how this will affect your finances. In the initial stages of lockdown, most banks, insurers and retirement product providers offered installment or premium...
Video: Create a debt repayment plan
We often believe that the only way to pay off debt is with a windfall like a big bonus or winning the lotto. But this thinking gets us caught in an anti-wealth trap. We spend on our credit cards all year and use our bonus or 13th cheque to settle the debt, only to...
Listen: Know the difference between good, bad and ugly credit
Is there such a thing as good credit? What forms of credit should you avoid at all cost? In this podcast, Maya (@mayaonmoney) and Mapalo (@womanandfinance) discuss the good and dark side of credit and whether the concept of the lay-by will come back into fashion as...
Borrowing from days already worked
A salary advance could be an attractive alternative to a traditional payday loan. A few years ago, I came across an article about how Walmart in the US allowed its workers to access a portion of their already-earned salary before month end. For example, if you have...
Video: Pay back that payment holiday
We've seen many financial institutions offer their customers a debt payment holiday during these trying times. And while it may seem like a welcome relief, be careful because it might end up costing you a lot more than you realize. According to the Old Mutual Savings...
Paying the price of payment holidays
Payment holidays offered during the three-month period from April to June 2020 will cost an additional R20.7 billion in debt for the estimated 1.6 million South African consumers who participated. This is according to calculations by DebtBusters, South Africa's...
Video: Check your credit insurance
If you are being retrenched or forced to take unpaid leave due to the lockdown, you may be able to claim from your credit insurance policy. Many people, especially those with short-term debt and even store cards, may have credit insurance without even being aware of...