Results 1 to 4 of 4

Thread: Cant get off Debt Counselling

  1. #1
    Email problem
    Join Date
    Nov 2011
    Location
    Middelburg
    Posts
    4
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Cant get off Debt Counselling

    Hello guys.

    Here is my problem, This year early we were in financial troubles and in arrears on our bond, one of our cars and 2 loans, and things were not getting easy so we went under debt review, when we went there we registered only the debts that were deducted from the bank but left those that were bieng deducted from our salaries and we had lots of debts from other people, now at the end of this month I will be able to pay off all the people that we owe, and the first 4 smallest debts that are listed on our debt review, then after we will be left with the bond, 2 cars and 2 major personal loans which is R80 000.00 both. So I was wondering if it would be possible to consolidate the 2 loans on our bond and we be left with the bond and cars and be taken off debt review and start paying normally again.

    I phoned our debt counsellors and they told me that because the court has already granted me to be under debt review I can no longer get off it until we have paid off all debt listed there, but how is that possilbe, does that mean I will spend more than 20 years under DC until we pay off our bond or will I have to sell our house, and what are the chances of getting back the the market and get credit again should I need it.

    Or should I concentrante on fixing our house as we bought it in a very bad condition and we have not been able to renovate it, maybe I shoud use this money I was going to use to pay off the debts and start a renovation project on our property and then maybe by june next year start concentrating on the debts because I might not get the money to renovate due to DC profile?

    What can/should I do? please advise.

  2. #2
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    20,981
    Thanks
    3,056
    Thanked 2,463 Times in 2,068 Posts
    Blog Entries
    12
    I'm so pleased you're reducing the debt

    Now that you've killed the debts outside of the debt manaagement net, I'd suggest keep paying extra monies into the debts within the net. Once you've killed the arrears, perhaps you can make an application to be taken off debt management as you can show you're back on top of your financial affairs.

    Seems crazy to keep you in debt management until the bond is paid up
    The trouble with opportunity is it normally comes dressed up as work.

  3. #3
    Email problem
    Join Date
    Nov 2011
    Location
    Middelburg
    Posts
    4
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Dave, thanx for reply but tell me if you were me what would you do:

    I will be getting about R5000 extra for the next 3 months on my salary should I use it to fix the essential things in our home and then after tacle the debts one by one or should I pay off as much debts as I can but I know I will not finish them or even qualify to be off Debt Review after this 3 months?

  4. #4
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    20,981
    Thanks
    3,056
    Thanked 2,463 Times in 2,068 Posts
    Blog Entries
    12
    I always go for what gives the best medium term return; the 1 to 5 year time frame.
    The trouble with opportunity is it normally comes dressed up as work.

Similar Threads

  1. New agreement on debt counselling process
    By Dave A in forum National Credit Act Forum
    Replies: 2
    Last Post: 06-Apr-11, 09:42 PM
  2. Company debt counselling
    By IanF in forum National Credit Act Forum
    Replies: 9
    Last Post: 28-Oct-10, 12:43 PM
  3. When should you resort to getting debt counselling?
    By Dave A in forum National Credit Act Forum
    Replies: 21
    Last Post: 07-Jun-10, 05:31 AM
  4. Understanding debt counselling
    By Dave A in forum National Credit Act Forum
    Replies: 0
    Last Post: 04-Oct-09, 01:05 PM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •