A Fin24 reader who managed to settle all her debt wants to know how she should go about fixing her bad credit score. She writes: Most of my accounts were handed over to collection companies about three years ago. I have tried paying off or settling all of them and have finally managed to break… Continued
While Minister of Social Development Lindiwe Zulu’s proposals to overhaul the country’s social security system shows willingness from government to address the fact that millions of South Africans find themselves in dire straits at retirement or after a life-changing event, it is poor timing, says Debt Rescue CEO Neil Roets. Roets says Debt Rescue has seen a… Continued
The fuel price has a considerable knock-on effect on the cost of living as so much depends on fuel, not least the transportation of goods which is immediately felt on consumers’ pockets. So with a 91 cents increase coming into effect from August 4th for petrol and 55,58 cents for diesel, consumers need to once again… Continued
Thanks to ever-increasing costs in South Africa, there has been a dramatic surge in clients on the verge of bankruptcy seeking help from debt counsellors, says Neil Roets, Debt Rescue chief executive. “Most have been relying on expensive credit for everyday items and many are receiving default notices and are facing impending legal action now… Continued
Between April and June last year, 1.6 million South Africans applied for mortgage payment holidays from their banks. While this provided some form of temporary relief, it is now costing them, on average, an additional R12 900 a month due to having to pay up on interest accrued, pushing many South Africans further into financial… Continued
A Fin24 reader currently under debt review wants to know if it is possible to get a loan. She writes: I’m under debt review; is it possible to get a loan? Neil Roets, Founder and CEO of Debt Rescue, responds: Debt counselling is a process whereby an over-indebted person repays their debt in a manner that… Continued
Suid-Afrikaners is in ’n skuldsmoorgreep. Volgens die Experian South Africa’s Consumer Default Index beloop verbruikerskuld tans R1,9 biljoen (“trillion”), terwyl Trading Economics berig dat ons skuld-tot-inkomste-koers ’n astronomiese 77% beloop. Volgens DebtBusters, een van die land se grootste skuldberadingsgroepe, betaal mense wat aansoek doen vir skuldberading en meer as R20 000 per maand verdien, meer… Continued
Extraordinary increases could be the final straw for many MANY Durban residents cracking under immense financial pressure because of salary reductions and job losses since the start of Covid face “consumer carnage” as a slew of increases came into effect on Thursday. Late yesterday, eThekwini Municipality spokesperson Mandla Nsele confirmed the city would extend its… Continued
Most South Africans want to save for their retirement, but the reality for many middle-income earners is that once they’ve paid for essentials most of what’s left is spent on repaying debt, says Benay Sager, head of DebtBusters. Sager said that debt repayments now make up a substantial portion of what consumers need to spend,… Continued
As if there were not enough headaches to contend with already – think the revised adjusted lockdown level 4, extraordinary icy conditions, intermittent load-shedding, rising CPI and renewed job losses in the hospitality, alcohol and restaurant industries – South Africans will need to brace themselves for more bad news. This as utility and fuel prices… Continued
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