Over indebtedness HelpThe National Consumer Regulator advises that you seek over-indebtedness help in these uncertain economic times, instead of applying for more credit. Over indebtedness help tips
- Know your financial status.
- Create a spread sheet of all your accounts, debts and monthly expenses – credit providers, interest rates, monthly payments, balances due and interest rates.
- Record all your expenses – rent, mortgage, water, electricity, groceries, transport, school and crèche fees, medical expenses, if not on medical aid, insurances and bank charges.
- Compare your total expenditure with your total monthly income.
- If your expenditure exceeds your income and you are struggling to pay off your debt, call us immediately for over-indebtedness help.
- Make sure you have all your credit providers’ contact details and keep a file of your account statements to give to your Reckless Lending debt counsellor.
- We will get in touch with your creditors and explain your situation if you are unable to meet your monthly payments and negotiate for lower instalments.
- Do not ignore letters from your credit providers and take them seriously by acting on them, and contacting us for help as soon as possible.
- Remember your rights under the National Credit Act when facing repossession and consult your debt counsellor before simply surrendering goods to your credit provider.