Debt Consolidation

CashSense — Sun, 19 Apr 2015 18:20:33 +0000

How To Consolidate Debt

How to consolidate your debt with a debt consolidation loan…

Embarking on a debt consolidation plan will help you to settle all your debts & pay off just one monthly amount.

By doing this you should be able to lower the interest rate on your principle debt amount which means that your total monthly payment should be lower than the total of all the previous payment amounts.

You should also be able to negotiate better payment terms & receive other debt consolidation benefits as listed below.

One of the most common questions asked is “What is a Debt Consolidation Loan and How will it Benefit Me?”

Consolidating Debt entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan.

Debt Consolidation sometimes involves the combining a number of unsecured loans into another unsecured loan, but usually involves securing a loan (that can be used to service or settle a number of smaller laons) against an asset (for example property) that serves as collateral for the lender.

In this example, a mortgage is secured against the house and the col-lateralization of the loan allows a lower interest rate than without it, because by collateralize, the asset owner agrees to allow the forced sale (foreclosure) of the asset to pay back the loan.

Therefore risk to the lender (the provider of the debt consolidation loan) is relatively low which ensures that a lower interest rate is applied to the loan which ultimately saves the borrower money as the interest on all the smaller loans would be a lot higher than the interest on the consolidated debt loan.

In the case of credit card debt the debtor would be well advised to pay this off with the proceeds of a debt consolidation loan as the credit card interest would be significantly higher and therefore a significant saving would be realised for the debtor.

Summary of the Benefits of Consolidating Debt

One Loan, One Low Interest Rate
Reduced Monthly Repayments
No Initiation or Bond Registration Fees

Do You Qualify for a Debt Consolidation Loan?

Who qualifies for a debt consolidation loan?

Home Owners with property with a market value of at least R150,000
Combined Gross Income of at least R6,500 per month
Must be aged between 18 and 65 years of age

Furthermore applicants who have been blacklisted or have been declined by the banking institutions will still be able to apply for a debt consolidation loan »

You need to apply for your loan if…

you are an existing home owner needing a loan
you need to consolidate your debt to save money
you are blacklisted or have been declined by the banks

How to Apply

So to take advantage of the savings you can realise by consolidating your debt, click the following link to complete a simple online application form here »

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Debt Rescue

CashSense — Sun, 19 Apr 2015 17:45:36 +0000

How To Get Out Of Debt

If you want to know how to get out of debt & save money you can do it with these tips & advice on debt rescue.

Whilst those who have experienced the feelings of drowning in debt will know how hopeless the situation will seem, and getting out of debt can seem like an insurmountable task, but it can be overcome by approaching it on a step by step basis which will rescue you from your bad debt situation.

These steps will include taking actions that will contribute to helping lower your monthly payments & the interest charged on your outstanding amounts as well as reducing your spending habits.

These are all obvious things that are targeted with any debt rescue plan, but if structured correctly you will have an effective plan to reduce and help you to get out of debt & loosen that noose around your neck.

3 Ways To Help You Get Out Of Debt

Stop Digging Yourself Into a HoleIf you’re already in a debt trap stopping digging yourself into a bigger hole.You have to be ruthless & stop any non-essential spending – this could include cutting up your credit cards to control spending on credit.No more credit – that’s what got you into your debt in the first place.
Draw Up a BudgetOnce you’ve started to control your spending this is arguably the most important step in starting your road to a debt free life.Your budget should include all the income you get & every single monthly expense you have.Once you’ve done that you will be able to assess your current financial situation & you can start working on reducing the shortfall by reducing your spending as well as cutting down on your spending.
You then need to draw up a “reduced” budget which will either show a surplus or a smaller shortfall and then stick to it – it won’t be easy but it’ll be worth it in the long run.

Also your budget should be in the form of spreadsheet with a column for each month wherin you can enter the actual amounts spent (& earned) to compare against the amounts you have in the monthly budget.
Negotiate Better TermsA good way of reducing your debt burden is to approach your creditors and negotiate better repayment terms.The purpose of this is to reduce your monthly repayments by either negotiating lower interest rates with them or extending the period of the repayment or both.Generally creditors will be happy to have you approach them to negotiate your debt with them rather than just defaulting which normally results in legal action and more problems for you the debtor.

Another option is to get a well structured Debt Rescue plan that will help you reduce your monthly payments & interest.

Start getting relief from your debt by filling in this simple online Debt Expert Application form here »