In South Africa, there are a number of options available to you if you’re struggling with your debt or if you’re over-indebted. Learn how to distinguish bad debt solutions from good ones. See how Debt Sage’s solutions work and how they can benefit you.
There are multiple ways to deal with your debt, but they’re not all equal. Some options don’t help, some options bring short-term relief but are not sustainable, and other so-called “solutions” can even end up doing exactly the opposite of what you hoped, by worsening your situation.
Bad debt solutions include high-interest payday loans, going to a loan shark, and taking out a debt consolidation loan for relief from collection calls, but ending up paying a higher interest rate than you would’ve paid previously. Debt solutions that were previously popular, such as sequestration and debt administration, have been surpassed by better, more effective solutions, without all the drawbacks that come with sequestration and administration.
Good debt solutions are those that not only bring you immediate relief, but also equip you with the skills and understanding that you need to change how you approach your finances. Without changing these underlying behaviours, you are likely to end up with the same problems in no time.
At Debt Sage, we offer a number of debt solutions under the umbrella of debt review, also known as debt counselling. These solutions help you consolidate your debt, protect your assets, stop angry collection calls from your credit providers, and lower your interest rates and monthly debt instalments to free up cash. If you’d like to dive straight in, our debt counsellors are happy to discuss the best way to approach your financial situation and choose the best debt solution for you. Get started now, chat to one of our consultants, or contact us.
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Debt Counselling
This is an NCR-regulated solution for consumers struggling with debt. A registered debt counsellor reviews your debt, renegotiates your interest rates, and rearranges payments. This frees up cash so you can meet your household living expenses.
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Debt Consolidation
You can replace multiple smaller loans with one large loan, so you only owe money to one lender. The most well-known way to do this is by taking a consolidation loan, but Debt Sage offers a better option.
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Reckless Lending
When lenders don’t due their due diligence and help you understand what you’re getting yourself into, they put you at risk. If you suspect you are a victim of reckless lending, Debt Sage can assess all of your credit agreements and help you take action.
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Debt Health Check
Knowing your credit status and debt load is vital to a solid financial future. Debt Sage can give you a credit report so you have an in-depth view of how much debt you owe, and what your creditworthiness looks like.
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Debt Settlement
During Debt Sage’s negotiations with your credit providers on your behalf, we’ll ask credit providers to allow you to settle your debt at a discounted rate, i.e. less than what you owe.
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Debt Management
A Debt Management Plan (DMP) allows you to pay off your debts at a rate you can afford. Debt Sage’s qualified consultants can help you draw up a realistic DMP to set you on a path to a fresh start, debt-free.
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Debt Restructuring
As part of debt review, Debt Sage will negotiate your interest rates with your credit providers and restructure your loans. This reduces your monthly payment to a single, more manageable amount, and helps you pay off your debt faster.
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Debt Solutions for Employers
If you employees are overwhelmed by debt, their productivity and your operations will suffer. Debt Sage equips them to work with their money and gives them the confidence they need to handle their personal financial affairs.