Cant get off Debt Counselling

[Rantz]

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.

[Dave A]

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

[Rantz]

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?

[Dave A]

I always go for what gives the best medium term return; the 1 to 5 year time frame.