Introduction

DebtLab Pty Ltd is a Debt counselling/Review firm registered with the National Credit Regulator (NCR) and a member of the Debt counsellors Association of South Africa (DACASA) and adheres to the rules, regulations and guidelines set out in the National Credit Act designed to protect consumers against credit providers . Founded with a mission to fully rehabilitate over indebted consumers.

 

Goals and Objectives

Our aim is to assist South Africans into building a brighter financial future and a healthier lifestyle. Debtlab is passionate about making a difference in people's lives and to fully rehabilitate financially distressed consumers.

 

Debt Counselling is a voluntary process which was formally introduced by The National Credit Act to assist over-indebted consumers.

 

The aim of Debt Counselling is to rearrange the consumer's debts or monthly installment into an affordable repayment plan, which is affordable to the consumer as well as acceptable to all Credit Providers enabling the consumer to meet their monthly living expenses, to pay each of their creditors as much as they can afford and settle their debts in a timely manner.

 

You might be over indebted if:

• You pay your accounts late
• You don't sleep at night because you are worried about your debts
• You are using a credit card to buy groceries or to pay basic living costs, debt and installments
• You borrow on a regular basis from micro-lenders
• Your debts affect your work performance.

HEALTHY WALLET TIPS

Create a spending diary

A way to find out where your money is going is to do a spending diary. Make a note of everything you spend for one pay period or at least a week. This will only take a few minutes a day.You can do this just for yourself, or together with a friend or partner. Tracking your spending is a reality check. It's not about judging yourself, it's about getting to know yourself better. By looking closely at your daily money habits, you will be able to make realistic choices about where you want your money to go.   Get a small notepad to use as your spending diary. Record everything you spend. Do this straight away. Keep receipts if you buy a few things at once. Don't try to alter your spending habits. Just notice where your money goes. At the end of the tracking period, add up everything you have spent.

 

 

Put a solid budget plan into action

The best way to take control of your household finances is to do a budget. This is a simple tool that helps you understand the money going in and out of your household. It shows you if you are spending more or less than you can afford.
You can then take action to find the right balance between spending and saving. Check pay slips, bank statements and investment statements. If your income is variable, make an estimate based on your past year's earnings. Use your best guess if there is anything you can't find,or if bill amounts vary across the year. Put your income and expenses into the budget planner. Once you have done your budget, it is time to compare your income and expenses. Is your income higher or lower than your expenses?

 

If your debts are getting out of control or you are struggling to make ends meet, it is important to act quickly. Help is available.

 

 

How to reduce your expenses

Highlightthe most important things in your budget – your needs or basic necessities. Then, identify the things you want but could do without, if you had to. What can you cut out or cut back?

 

Are there memberships or subscriptions you could cancel or get for a lower cost? Is there a cheaper mobile phone plan? Can you shop around for a better deal on car or contents insurance? Are you paying for more health cover than you need? Could you switch to a super fund with lower fees? What can you get for free or cheaper elsewhere?

 

How could you spend less on groceries? Can you reduce your spending on eating out? Can you save on your electricity bill? Could you earn more money from part-time work or hobbies?

 

Do you have any unwanted goods you could swap or sell? If you have adult children living with you, are they contributing towards household costs?

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