Debt Credit Consolidation - What forms of debt consolidation are there in SA?

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What forms of debt consolidation are there in South Africa?

Debt Credit Consolidation - What forms of debt consolidation are there in SA?

 

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Buy down on principal debt

When a consumer receives extra money, or money suddenly becomes available, buy down on debt. Commit the money to closing of small debts, and making a dent in big debts. If there are debts with extremely high interest rates buy down on the interest rate, as this will reduce payments in future.

 

Refinancing

There are two ways to refinance a loan. Firstly a loan can be refinanced with the original creditor. This comes with the lowest penalties. Alternatively a third party can refinance the loan, and it might have lower interest rates. Keep in mind that refinancing through a third party lender might have a negative effect on the consumer’s credit rating.

 

Consolidation

Consolidation encompasses a new loan that covers all existing debts. Once the loan has been used to settle these debts, the only existing debt is the loan which will then be paid back over the agreed upon time in easier installments.

 

Settlement

A settlement can be agreed upon between the creditor and the debtor. By agreeing to pay a lump sum on the debt and closing the account the lender may accept a smaller amount by either reducing interest or providing a settlement agreement.

A settlement can be agreed upon between the creditor and the debtor. By agreeing to pay a lump sum on the debt and closing the account the lender may accept a smaller amount by either reducing interest or providing a settlement agreement.

 

Article written by: Andrea van Tonder 02-2013


Debt Credit Consolidation - What forms of debt consolidation are there in SA?

Debt Credit Consolidation - What forms of debt consolidation are there in SA?           Debt Credit Consolidation - What forms of debt consolidation are there in SA? Debt Credit Consolidation - What forms of debt consolidation are there in SA?              

 

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