Streaming issues? Report here
jazz-sessions-on-capetalkpng jazz-sessions-on-capetalkpng
Jazz Sessions on CapeTalk Classics
17:00 - 19:00
volume_up
volume_mute

Up Next: SportsTalk with Buhle Madulini
See full line-up
Jazz Sessions on CapeTalk Classics
17:00 - 19:00

Home
arrow_forward
Business
fiber_manual_record
Lifestyle

Drowning in debt? Two legal ways of clawing your way out of bondage…

18 February 2020 2:35 PM
Tags:
Financial planning
Debt
National Credit Act
Personal finance
Debt review
Sylvia Walker
Debt consolidation
creditors
Debt counselling
credit
financial planner
NCA
credit providers
Ismail Lagardien
over indebted
South Africans are getting deeper into debt. Ismail Lagardien interviews Sylvia Walker, a financial planner.

Debt is one of my greatest fears in life…

Ismail Lagardien, presenter - CapeTalk
South African consumers are drowning in debt (the bad kind). Pixabay.com, 2019

The National Credit Act (NCA) created a process called debt review (or debt counselling) to help over-indebted consumers claw their way out of bondage.

Once in debt review, consumers can’t get blacklisted.

Debt review is a good solution for consumers who earn an income but struggle to make ends meet while paying monthly instalments.

Debt consolidation is a separate process by which all your debts are integrated into a single account with one monthly payment.

Ismail Lagardien asked financial planner Sylvia Walker to elaborate.

Debt consolidation eases your cash flow… the drawback is that you end up paying the short-term debt over a longer period… you pay more interest in the long run…

Sylvia Walker, financial planner

Debt review… you see a registered debt counsellor who will strike new agreements with your creditors… You then pay back your debt at a much lower rate…

Sylvia Walker, financial planner

Debt review doesn’t affect your credit score…

Sylvia Walker, financial planner

For more detail on debt review and debt consolidation, listen to the interview in the audio below.

Subscribe to our Business Wrap Newsletter


18 February 2020 2:35 PM
Tags:
Financial planning
Debt
National Credit Act
Personal finance
Debt review
Sylvia Walker
Debt consolidation
creditors
Debt counselling
credit
financial planner
NCA
credit providers
Ismail Lagardien
over indebted

Recommended

More from MyMoney Online

Volkswagen VW Polo

Find out what your car is worth – in other words, its 'book value'

11 March 2020 3:21 PM

Motoring journalist Ciro de Siena answers a listener who enquires about the book value of his vehicle.

Share this:
Read More arrow_forward

renting letting property tenant landlor 123rfproperty 123rflifestyle 123rf

Renting and letting property – FAQs and help to enforce your rights

2 March 2020 3:12 PM

Pippa Hudson interviews Marlon Shevelew, a property attorney at Marlon Shevelew and Associates.

Share this:
Read More arrow_forward

Retirement planning personal finance 123rfpersonalfinance 123rflifestyle 123rf

How much you need to retire: Stellenbosch University devises a new formula

2 March 2020 2:26 PM

Elze-Mari Roux (Dept of Business Management) explains the new approach to calculating how much you should save towards retirement.

Share this:
Read More arrow_forward

tax-e-filing-tax-refund-claim-SARS-taxpayer-paper-work-123rf

How to pay less income tax – a beginner’s guide

2 March 2020 10:11 AM

Monica Moodley (Old Mutual Personal Finance) discusses what’s probably, for most people, the single best way to pay less tax.

Share this:
Read More arrow_forward

black-family-house-for-sale-sold-property-household-investment-bond-rent-123rf

Earn below R22 000? You may qualify for a housing subsidy of up to R121 626

25 February 2020 1:12 PM

There’s a government subsidy you may not have heard about. Abongile Nzelenzele interviews 1Life’s Katharine Liese.

Share this:
Read More arrow_forward

piggy-bank-coins-money-budget-savings-personal-finance-123rf

The safest investment in South Africa guarantees returns that beat inflation

25 February 2020 10:34 AM

This boring yet brilliant investment is safer than money in the bank and often more lucrative.

Share this:
Read More arrow_forward

credit-score-poor-healthy-personal-finances-money-debt-123rf

Late school fees, underpaying by cents… little things smash your credit profile

24 February 2020 11:31 AM

Financial Planner Gerald Mwandiambira on how important a credit profile is and the surprising little things that affect it.

Share this:
Read More arrow_forward

broken-heart-broke-money-coins-finances-love-relationship-divorce-break-up-123rf

How much should couples know about each others' money?

14 February 2020 2:35 PM

For most people, it's not easy to talk about money with a partner. Financial planner Sylvia Walker has advice.

Share this:
Read More arrow_forward

household-bills-debt-expenses-money-finances-black-young-couple-worried-123rf

South Africa’s middleclass is drowning in debt and getting poorer and poorer

10 February 2020 1:49 PM

The weak economy is "pushing people back into poverty from the middleclass", according to Debt Rescue CEO Neil Roets.

Share this:
Read More arrow_forward

house-mortgage-bond-home-rent-family-123rf

Get a risk-free, tax-free return of 10% on a fully accessible investment

10 February 2020 12:53 PM

Personal finance expert Paul Theron (CFP) discusses saving in an “access bond” and why it’s a near no-brainer.

Share this:
Read More arrow_forward