Tag - debt counselling

Five biggest debt mistakes

Wikus Olivier, debt counsellor at DebtSafe, highlights a number of common financial mistakes that individuals often make, resulting in debt. However, these can be mitigated if discipline is practised and changes are made in spending behaviour. Consumers can often feel overwhelmed with the number of debt repayments they have to make on a monthly...

Feeling the squeeze

I recently undertook an exercise to see how much my monthly bills had gone up over the last few years and was shocked to discover that our household was spending nearly double on groceries than we had four years ago. At first I was in denial – I thought I had simply lost control of our food budget and was clearly spending too much on luxuries. So...

Debt: the kiss of death

Recently I had two very disturbing conversations about the world of debt. The first was a conversation with someone from the Credit Ombud about how debt administrators and debt collectors farm debtors’ books. Although this practice is less lucrative now that the National Credit Act has put limitations in place in terms of interest charged, many...

How to get out of debt review

If you can prove that you are able to start making regular payments, you can request to end your debt review. When Joseph Masemola’s debt began to spin out of control in 2010, he applied for debt review via a debt counsellor. Since then, he has managed to settle and clear all his debt with the exception of a Nedbank personal loan and a...

Make April 27th your Debt Freedom Day

The 27th of April is Freedom Day in South Africa, marking the annual celebration of South Africa’s first non-racial democratic elections in 1994. Since political freedom, South Africans have striven to correct the wrongs of the past. South Africa currently has 19.69 million credit active consumers of which 9.25 million have impaired credit...

Profile of a reckless lending case

Without a proper record of credit, can a provider be responsible for reckless lending asks Maya Fisher-French How does someone get into the position where their debt levels reach 217% of their income and who is responsible? While a desperate consumer may take whatever loans are available, what incentive does a credit provider have to lend to...