debt consolidation

FNB Debt Consolidation Loans – Debt Relief

FNB loans- Debt consolidation involves bundling up a number of debts together and paying them simultaneously through a single fixed monthly payment. It offers a hassle-free means of paying off loans especially when you’ve got more than a couple that charge different rates of interest.

Life is extremely fast-paced and stressful these days, so it is extremely hard to find the time to calculate your monthly interest payments especially when some loans charge a fixed rate and others a floating rate.
FNB is one of the best banks around in South Africa and offers unbeatable debt consolidation packages that can be availed simply by calling FNB and requesting for the Straight 2 Budget Debt Relief Plan. It will not only help you to reschedule and pay according to your budget, it will also help improve your monthly cash flow so you can afford a better quality of life.

How to get out of debt

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Tips for Blacklisted People and how to manage your debt : Although there are many institutions in South Africa that are willing to loan to blacklisted individuals, it can still be very hard to procure a good interest rate with a poor credit report. Here’s what you can do to improve your credit score overtime:

  1. Maintaining a good credit record does not mean you cut your credit cards into two and stash them into the bin; instead do your best to repay them before the due date and this good behavior will do wonders for your credit report.
  2. Do not take unnecessary credit. You can purchase the groceries through the credit card, but big purchases like a car or a latest cell phone that may be deemed avoidable can hamper your affordability ratings.
  3. Take care not to open unnecessary lines of credit. If you already have a credit card, don’t go hunting for another. Instead, close your account at the first bank and only then opt for the next credit card vendor.

How to get out of debt

Below are are few tools to assist you with this process.

Debt calculator
Debt consolidation loans

Debt Counselling

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Debt is both an economic and a psychological burden. Many become indebted following unwise decisions, bad financial management or spiraling borrowing. Debt counselling educates consumers on managing their finances and prevents amplification of debt.

Debt counselling and management services have gained pre-eminence in the last few years as economic slowdown has forced many to go for borrowing to finance expenditures. Many indebted failing to repay housing, personal, car and other loans, are facing litigations or repossession that severely impact their family and relationships.

With a debt counselling and management expert at your side, you can easily sort out practicalities and formalities of debt. His strong emotional and professional support makes you to feel calm and strong and plan and tackle finances. His expert advice allows you to control borrowings, streamline repayments, augment earnings, and mange expenditures.

The biggest advantage of hiring a debt counselling and management expert is to address the crux of your debt problem – what prompts you to borrow frequently. It helps one to introspect and prevent debt traps engrossing him in the future. Timely and right debt counselling and debt management support can rescue one from living an ashamed and scary life.

Debt Settlement Attorney

Debt Settlement Attorney – Typically, when a debtor is liable for debt that he cannot pay off, he is extremely stressed not just because of the responsibility and impending consequences, but the innumerable calls that they receive from their creditors. As a result, most do not have the presence of mind to come up with the best financial plans or even argue their case in front of creditors.
This is why having an attorney represent you is a good option. A qualified attorney will be able to assess your financial situation and help negotiate the best deals to settle or repay your debt; deals that are not only convenient for you but will also help improve your credit score.

Unsecured Debt Consolidation Loans

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Unsecured Debt Consolidation Loans – It is very easy and likely to find oneself in and over your head in debt of all kinds. The repayment becomes very difficult and you can find yourself in hot water and even blacklisted by mistakenly forgetting one loan or being unable to pay it.

The best solution for this kind of problem is to get an Unsecured Debt Consolidation Loan. One of the main advantages of this kind of loan is that it pays all your debts and there is usually no risk your home and/or property when you cannot meet the repayment agreement.

By consolidating your debt, be it unsecured loans, credit cards and overdrafts, you make arrangements that they be paid out and you in turn pay one monthly installment – even if you have been blacklisted.

As a customer, you need to be are though, that even though the consolidated loan may have lower interest rates, the repayment period is longer and the total amount you pay may just be a bit higher – but you will have a peace of mind.

loan application

Old mutual debt consolidation

Old mutual debt consolidation involves bundling up various loans into one. This is to ease the burden on the debtor particularly in cases where they may be to their nose in debt. Another reason why debt consolidation might be considered as a feasible option is to reduce the hassle on a monthly basis. When different loans have to be paid, and some of them have variable interest rates, calculation of due amounts is headache in its own.

Old mutual debt consolidation loans

Debt consolidation on the other hand combines all debt into one and a fixed repayment plan is presented to the debtor. The debtor can also renegotiate the tenure and monthly payments so it is more suitable.

Old mutual debt consolidation

One such plan is offered by Old Mutual up to the limit of R120,000 with tenure ranging from a month to 5 years. This debt consolidation plan is known as the My Money Plan at Old Mutual. Each applicants credit history will play a vital role in determination of the interest rate, however, Old Mutual’s debt consolidation packages are famous because of their reasonable rates. They also offer tailor-made packages for clients in unique circumstances.

Old mutual debt consolidation loans

Debt consolidation

Debt consolidation is an easy solution for all those debtors who are looking for a hassle-free way to pay off loans. Debt consolidation involves combining two or more debts under a single loan.

Sometimes, when the debtor is in danger of defaulting, debt consolidating agencies may also buy these loans at a discount, so the lenders can recover their money without the debtor having to declare bankruptcy.

In some cases collateral may also be required if the original loans were unsecured. This is a popular method used by students all over the world to consolidate their student loans and mortgage loans into one. Since both these loans typically have high principals and are of a long term nature, it makes sense to converge them.

In South Africa as well, many lenders including banks offer debt consolidation facility along with proper advisory services as it reduces the financial burden on their clients.

Debt consolidation

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