FAQs

• Can I apply for Debt Counselling even when I 'am unemployed
  

Debt Counselling will not be ideal should there be no source of income; we would however be able to assist if there is a source of income reasonable to offer your credit provider.



• How will I know that I need Debt Counselling
  

When you can no longer maintain your monthly debt agreements
Receiving calls from creditors
Letters of demand from creditors



• Once placed under Debt Counselling, will Credit Providers still contact me
  

Your Credit Providers will be notified within 2 working days from date of your application,
They are required by law to communicate with the dc not directly with you
There are instances where other creditors may still contact you due to have not yet flagged your profile on their system, you can refer them to your debt counsellor directly



• Will my creditors still debit my account?
  

Your creditors will be notified to cancel your debit orders and further suggest that you open a new bank account at another financial institution in order to prevent unauthorized



• Will there be any charges or fees for the service offered
  

Fees will be Included on your repayment plan The Debt Counsellor's fees are regulated by the NCR



• How long does Debt Counselling take
  

Your repayment plan will determine the repayment period on each of your debts which will be by means of a negotiated proposal by extending repayment term, reduced installment and interest rate



• Is it necessary to consult in person
  

The whole process can be finalized telephonically and by e-mail, no matter where you stay in South Africa. We have a National Reach.

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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