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

18 February 2020 2:35 PM
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
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.

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18 February 2020 2:35 PM

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