Over indebtedness Help

• 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.