A few articles that will help you understand each topic a lot better!.

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Sharon-Rose Duminy 2024/05/31 Sharon-Rose Duminy 2024/05/31

Just wanted to remind you that it's best not to pay prescribed debt. Let's chat about the consequences and explore some alternatives together, shall we?

Are you struggling with prescribed debt? Don't worry, you're not alone. Prescribed debt is a term used to describe a debt that is no longer legally enforceable due to the passage of time. While it may seem like a relief to be free from the legal obligation to repay this debt, there are still consequences to consider before making the decision not to pay.

It's important to understand the potential impact on your credit score, the potential for legal action, and the ongoing harassment from debt collectors. But don't worry, there are alternatives to consider before making the decision not to pay.

One alternative is to negotiate a settlement with the creditor or debt collector. This can involve paying a portion of the debt in exchange for the creditor agreeing to stop legal action and reporting the debt as settled to the credit bureaus. Another alternative is to work with a debt management program. These organizations can help you create a budget and develop a plan to pay off your debts. They can also negotiate with creditors on your behalf to reduce interest rates and monthly payments. Finally, you may want to consider filing for bankruptcy as a way to discharge prescribed debt. While this can have a significant impact on your credit score, it can also provide a fresh start and relief from the burden of overwhelming debt.

Before the amendments of the National Credit Act, it was common for consumers to be chased for prescribed debt. However, the NCA amendments that came into effect in March 2015 declared the collection of prescribed debt to be illegal. So, if you are contacted for old debt, take down the details of who is calling and which company they represent. If your debt is prescribed, you need to report them to the NCR on 0860 627 627.

Remember, it's important to take control of your financial situation. You're not alone, and there are options available to help you manage your prescribed debt.

Need advice? We can assist with that too! Submit your inquiry to us via email advisors@libertineconsultants.co.za and we will provide you with sound insights on the best way forward. In the meantime, keep an eye on our YouTube channel to get more practical advice on managing the financial stress of the pandemic.

Sharon-Rose Duminy 2024/05/24 Sharon-Rose Duminy 2024/05/24

Understanding Debt Counselling: Who Can Apply?

Are you struggling to keep up with your monthly debt obligations? Do you find yourself constantly worrying about how to pay off your debts? If yes, then debt counselling might be a suitable option for you.

Debt counselling is a process that helps consumers who are struggling with debt to find a way out. It is a legal process that is regulated by the National Credit Regulator (NCR) in South Africa. Debt counselling is designed to help consumers manage their debt in a way that is affordable and sustainable, so they can regain control of their finances.

Who can apply for debt counselling?

Consumers who are struggling to meet their monthly debt obligations qualify to apply for debt counselling. These consumers should have a distributable income, which will be used to offer reduced payments to their credit providers. The debt counsellor will assess your financial situation and determine whether you qualify for debt counselling.

If you are married in community of property, you must jointly apply for debt counselling. This means that both you and your spouse will have to participate in the debt counselling process. This is because both of you are responsible for the debt incurred during your marriage.

Debt counselling is an excellent option for consumers who are struggling with debt. If you find yourself in this situation, it is important to seek help as soon as possible. Debt counselling can help you regain control of your finances and live a debt-free life. Remember, there is always a way out of debt, and debt counselling is one of the ways to achieve financial freedom.

Sharon-Rose Duminy 2024/05/17 Sharon-Rose Duminy 2024/05/17

A Guide to Finding Legitimate Debt Counselling Services

Are you struggling with debt? Are you feeling overwhelmed and unsure of where to turn for help? If so, debt counselling may be a good option for you. However, it's important to ensure that you're working with a legitimate debt counsellor who can provide you with the support you need.

1. Look for registered debt counsellors

Debt counselling services are offered by debt counsellors who are registered with the National Credit Regulator (NCR) in South Africa. Before becoming registered, debt counsellors must complete a debt counselling training course, meet prescribed education, experience, or competency requirements, and demonstrate their ability to manage their own finances.

To verify the registration of a debt counsellor, check their registration certificate, which should display the NCR logo, the debt counsellor's details, and registration number. Additionally, all registered debt counsellors should have a visible green window decal at their premises.

2. Check their qualifications

In addition to being registered with the NCR, it's important to ensure that the debt counsellor you're working with has the proper qualifications to provide you with the support you need. Look for a debt counsellor who has experience in your specific type of debt and who has a good track record of helping clients achieve financial stability.

3. Understand the fees

Debt counselling services are not free, so it's important to understand the fees associated with working with a debt counsellor. These fees may include an upfront assessment fee, a monthly aftercare fee, and a restructuring fee. Be sure to ask your debt counsellor about their fees upfront so you can make an informed decision about whether or not you can afford their services.

4. Know what to expect

Finally, it's important to have a clear understanding of what to expect from your debt counselling services. Your debt counsellor should provide you with a detailed debt repayment plan that outlines how much you'll need to pay each month, how long it will take to pay off your debts, and what your interest rates will be.

Additionally, your debt counsellor should provide you with ongoing support and guidance throughout your debt repayment journey. This may include financial education, debt management strategies, and budgeting advice.

In conclusion, working with a legitimate debt counsellor can be a great way to get your finances back on track. By following these tips, you can find a debt counsellor who can provide you with the support and guidance you need to achieve financial stability.

Sharon-Rose Duminy 2024/05/10 Sharon-Rose Duminy 2024/05/10

5 Signs You Could Be Over-Indebted

Managing your finances can be a challenge, especially when you have multiple debts to pay off. But how do you know when you've taken on too much debt?

5 Signs You Could Be Over-Indebted

Managing your finances can be a challenge, especially when you have multiple debts to pay off. But how do you know when you've taken on too much debt? Here are five signs that you could be over-indebted:

1. Borrowing money to pay off other debts: If you're taking out new loans or using credit cards to pay off existing debts, you're likely in over your head. This can create a vicious cycle of debt that's difficult to break.

2. Using credit cards and overdraft facilities for basic necessities: If you're using credit cards or overdraft facilities to pay for basic necessities like food or bills, it's a clear sign that you're struggling financially.

3. Skipping payments: If you're skipping payments on some accounts so you can pay others, it's a sign that you're struggling to make ends meet. This can lead to late fees, higher interest rates, and damage to your credit score.

4. Receiving letters of demand and summonses: If you're receiving letters of demand or summonses from credit providers or lawyers, it's a clear sign that you're behind on your payments. This can lead to legal action and even more debt.

5. Judgments granted against you: If a court has granted a judgment against you for unpaid debts, it's a sign that you're in serious financial trouble. This can lead to wage garnishment, property liens, and other legal actions.

If you're experiencing any of these signs, it's important to take action to address your debt. This could include creating a budget, negotiating with creditors, or even seeking professional help from a financial counselor or debt relief service.

Remember, over-indebtedness can happen to anyone, but it's important to take control of your finances before they spiral out of control.

Sharon-Rose Duminy 2024/05/03 Sharon-Rose Duminy 2024/05/03

What should you do if you are struggling with debt?

If you are struggling with debt, ignoring the problem will only make it worse. To address the issue, you need to take action and create a plan to get out of debt

If you are struggling with debt, ignoring the problem will only make it worse. To address the issue, you need to take action and create a plan to get out of debt. Follow these steps to make a realistic plan and achieve your goal of becoming debt-free:

Step 1 – Take stock of your problem

- Create a list of all your debts, the outstanding amount you owe, and the monthly repayment.

- To ensure that you have listed all your debts, obtain a copy of your credit report.

- Add up all the repayments and check the remaining income after these repayments have been deducted.

Step 2 – Consider if you need help

- Analyze your spending using your bank statements from the past six months.

- Determine which expenses you can cut and distinguish between your needs and wants.

- Use the Smart About Money Budget Planner to create a "bare-bones budget" with only essential living costs and eliminate non-essentials.

- If your income is insufficient to cover your bare-bones budget and repayments, consider selling your assets or making lifestyle adjustments to live within your means.

- Avoid using your retirement savings to pay off debt, as you may not have enough for retirement and may lose some of your savings to tax.

- If your repayments are still too high after lifestyle adjustments, you may be over-indebted and require a debt counsellor's assistance.

Step 3 – Find extra money for repayments

- Adopt your bare-bones budget and identify an amount to devote to paying down your debt faster.

- The more you can pay into your debt, the quicker you can reduce your interest and the interest charged on it.

- Inform your friends and family of your plans, and they might help you to spend less or offer ideas for reducing your household expenses.

- The bigger the sacrifice you make upfront, the shorter the pain will be. The faster you pay down your debt, the quicker the interest and the interest on interest will reduce.

Step 4 – Pay it down until you are debt-free

- Use the extra money to repay more than the minimum repayment on your debt each month.

- Decide whether you want to pay off the highest-cost debt first or the smallest debt first if you have more than one debt.

- Consider consolidating your debt if it's a good option.

- Keep paying more into your debt until you are debt-free.

Step 5 – Stay out of debt

- Set aside some savings for financial emergencies.

- Stick to your budget and live within your means to avoid borrowing again.

- If you do borrow again, make sure it's only good debt that funds a growing asset such as your home or career and future earnings.

Sharon-Rose Duminy 2024/04/26 Sharon-Rose Duminy 2024/04/26

Can I cancel my debt review?

Dealing with debt review can be difficult, and many people find it challenging to adjust their budget and make the necessary changes to get their finances in order. As a result, there are often questions about canceling debt review.

A recent case heard by the South Gauteng High Court, Hermanus Janse Van Vuuren v Neil Roets & Others, has led to changes in the law under the South African National Credit Act. In this article, we will discuss the impact of this ruling and provide information on voluntary withdrawal from debt review.

The court identified three legal ways that a consumer can withdraw from debt review voluntarily. Firstly, a consumer can withdraw before the debt counsellor makes a declaration of over-indebtedness via a Form 17.2(b).

Secondly, a consumer can withdraw after a declaration of over-indebtedness has been made via Form 17.2(b), but no debt review court order has been processed yet. In this case, the consumer can present additional facts to the court together with their debt counsellor's proposal to facilitate a rejection of the initial over-indebtedness proposal.

Finally, after a debt review court order has been granted, the only way to legally exit debt review is for the consumer to repay all their short-term debt, excluding long-term debts.

We want to stress that completing the debt review process is always the best course of action. Once you have repaid all your debts as outlined in your debt review order, you will receive a debt clearance certificate. This, combined with a healthy credit score, will pave the way for a more prosperous future and allow you to enter into new credit agreements if necessary. There is also a sense of pride and joy associated with finishing something you have started, which can boost your confidence.

If you need any clarification on any of these terms or have any questions about debt review, feel free to get in touch with a Libertine Consultants representative. Stay tuned to our blog for more expert insight on managing your finances and living a rewarding, debt-free life. If you want to learn more about our credit and debt services, please feel free to contact Libertine Consultants. We are here to help you pave the way to a more financially secure future.

Sharon-Rose Duminy 2024/04/19 Sharon-Rose Duminy 2024/04/19

What does debt restructuring mean?

Debt restructuring is a process that allows individuals or businesses to reorganize their outstanding debts in a more manageable way. It is typically done when a borrower is struggling to meet their financial obligations and can no longer afford to make regular payments on their debts. Debt restructuring can be a viable option for people facing financial difficulties, as it can help reduce the burden of debt and improve their overall financial outlook.

There are different types of debt restructuring, depending on the type of debt and the creditor involved. Some common methods of debt restructuring include debt consolidation, debt settlement, debt refinancing and debt review. Debt consolidation involves combining multiple debts into a single loan with a lower interest rate, while debt settlement involves negotiating with creditors to settle debts for less than what is owed.

Debt refinancing, on the other hand, involves taking out a new loan to pay off existing debts at a lower interest rate.

Debt restructuring can have several benefits, such as reducing the overall amount of debt, lowering interest rates, and extending payment terms. It can also help improve credit scores by reducing the amount of outstanding debt and making regular payments on time.

However, debt restructuring also has its drawbacks. It can sometimes lead to longer repayment periods, which means that borrowers may end up paying more interest over time. It can also have a negative impact on credit scores in the short term, as creditors may report missed or late payments during the restructuring process.

Overall, debt restructuring is a viable option for people facing financial difficulties. However, it is important to fully understand the terms and conditions of any debt restructuring plan before agreeing to it. It is also important to seek the advice of a financial professional to determine whether debt restructuring is the best option for your specific financial situation.

Sharon-Rose Duminy 2024/04/12 Sharon-Rose Duminy 2024/04/12

Debt counselling vs debt review

Debt is an issue that affects many people, and it can be difficult to know how to manage it effectively. Two common approaches to managing debt are debt counselling and debt review. While these two approaches share similarities, they are also quite different. In this blog post, we will cover the key differences between debt counselling and debt review.

Debt Counselling

Debt counselling is a process where a debt counsellor assesses an individual's financial situation and provides advice and guidance on how to manage their debt. The debt counsellor will look at the individual's income, expenses, and debt obligations to come up with a plan that will help them manage their debt effectively.

The role of the debt counsellor is to provide support and guidance to the individual throughout the process. They will work with the individual to negotiate with creditors on their behalf and come up with a payment plan that is affordable for them. Debt counselling is an informal process, and there is no legal obligation on the part of the debtor to participate.

Debt Review

Debt review is a more formal legal process that is designed to help over-indebted consumers. If an individual is over-indebted and cannot meet their financial obligations, they can apply for debt review. The debt review process involves a debt counsellor working with a court-appointed debt counsellor to review the individual's debts and come up with a repayment plan that is affordable for them.

Once the debt review process has begun, the individual's creditors are legally required to stop all legal action against them. This means that the individual is protected from legal action while the debt review process is ongoing. The debt review process is more formal than debt counselling, and there is a legal obligation on the part of the debtor to participate.

Key Differences

The key difference between debt counselling and debt review is the formality of the process. Debt counselling is an informal process that is designed to help individuals manage their debt and avoid legal action. Debt review, on the other hand, is a more formal legal process that is designed to help over-indebted consumers.

Another difference is that there is no legal obligation on the part of the debtor to participate in debt counselling. However, if an individual is over-indebted and applies for debt review, they are legally obligated to participate in the process.

Conclusion

In conclusion, debt counselling and debt review are two different approaches to managing debt. Debt counselling is an informal process that is designed to help individuals manage their debt and avoid legal action. Debt review, on the other hand, is a more formal legal process that is designed to help over-indebted consumers. While these two approaches share similarities, they are also quite different, and it is important for individuals to understand the differences between them before deciding which approach is right for them.

Sharon-Rose Duminy 2024/04/05 Sharon-Rose Duminy 2024/04/05

Where can i get a loan if i am under debt review

If you're wondering whether you can obtain further loans while undergoing an active debt review, I'm afraid the answer is no. When you're flagged as "Under Debt Review", this information will be displayed across all credit bureau systems. So, when you apply for a loan from another financial institution, they will see the flag during the processing of your loan application, and unfortunately, your application will be rejected.

It's important to understand that the National Credit Act has guidelines in place to prevent financial institutions and credit bureaus from lending money to people who are already over-indebted. If these institutions lend you money while you're under debt review, they will be guilty of reckless lending.

It's also important to understand that your credit rating is affected by how well you repay your debts. If you make your payments on time, your credit rating will remain positive, which is a sign that you are a trustworthy person who pays their debts as scheduled. However, if you miss one or two installments, your credit rating will fall, indicating that you have poor credibility, and lenders may have a hard time retrieving money from you.

If your credit rating falls below a certain threshold, you will be selected for a debt review by the NCA. This means that you are over-indebted and cannot pay your debts at all. During the debt review process, you will receive counseling and education on how to settle your debts smartly.

Before taking out any loan, it's important to carefully consider your ability to repay it. Taking on more debt while under debt review could make your financial situation worse. So, it's better to wait until you've resolved your current debts before considering taking on any new ones.

Sharon-Rose Duminy 2024/03/22 Sharon-Rose Duminy 2024/03/22

How to check if you are blacklisted on your credit report in south africa?

If you are in South Africa and want to check if you have been blacklisted on your credit report, there are several steps you can take:

Get a free credit report:

You are entitled to one free credit report per year from each of the credit bureaus in South Africa (TransUnion, Experian, and Compuscan). You can request your free credit report online or by visiting the bureau's offices in person.

Check your credit report:

Once you have your credit report, review it carefully to see if there are any listings for defaults, judgments, or other negative information. These listings can indicate that you have been blacklisted.

Contact the credit bureau:

If you find listings on your credit report that you believe are incorrect, you can contact the credit bureau to dispute them. The bureau will investigate your dispute and make any necessary corrections to your credit report.

Check your credit score:

Your credit score is a numerical representation of your creditworthiness and is used by lenders to determine your eligibility for credit. If your credit score is low, it could be a sign that you have been blacklisted or have other negative information on your credit report.

Seek professional help:

If you are struggling to manage your debt and keep up with your payments, it may be helpful to seek the assistance of a debt counsellor or financial advisor. They can help you develop a plan to pay off your debt and improve your credit score over time.

Try our free assessment

Remember that being blacklisted can have serious consequences for your ability to obtain credit in the future. By regularly checking your credit report and taking steps to improve your credit score, you can avoid being blacklisted and maintain a healthy financial profile.

Sharon-Rose Duminy 2024/03/15 Sharon-Rose Duminy 2024/03/15

Can I apply for a loan while being blacklisted?

Applying for a loan while being blacklisted can be a challenge, but it's not impossible. Being blacklisted means that you have a history of missed payments, defaults, or other negative credit events that have been reported to credit bureaus. This can make it difficult to get approved for a loan, as lenders view you as a high-risk borrower.

Sharon-Rose Duminy 2024/03/15 Sharon-Rose Duminy 2024/03/15

Can I apply for a loan while being blacklisted?

However, there are still options available for those who are blacklisted and need a loan. One option is to apply for a secured loan, where you put up collateral such as a car or property to secure the loan. This reduces the risk for the lender and increases your chances of approval. Another option is to apply for a loan with a co-signer, who can help vouch for your creditworthiness and increase your chances of approval.

It's important to note that applying for multiple loans at once can negatively affect your credit score and make it even more difficult to get approved. Instead, focus on improving your credit score by making timely payments and reducing your debt. This will take time, but it will ultimately increase your chances of getting approved for a loan in the future.

Sharon-Rose Duminy 2024/03/08 Sharon-Rose Duminy 2024/03/08

Types of blacklisting

This blog post provides an overview of the two types of blacklisting on credit reports in South Africa: payment profile and judgment blacklisting. It explains the reasons why someone might get blacklisted and the consequences of being blacklisted, such as difficulty accessing credit, employment, or rental property. The post offers some tips on how to improve one's credit score, such as paying off debts and making monthly repayments on time. Finally, it emphasizes that being blacklisted doesn't mean that one will never be able to access credit again, and that there are steps that can be taken to improve one's credit score over time.

Do you need help accessing credit in South Africa? If so, you may have been blacklisted. Blacklisting on your credit report can happen for a variety of reasons, and can make it difficult to obtain loans, credit cards or even a cellphone contract.

There are two types of blacklisting on credit reports in South Africa: payment profile and judgment blacklisting.

Payment profile blacklisting occurs when you’ve missed your monthly repayments on credit agreements. When you’re in arrears for more than 3 months, credit providers may report you to the credit bureaus. This can stay on your credit report for up to two years, and will make it difficult to obtain credit in the future.

Judgment blacklisting occurs when a credit provider takes legal action against you due to non-payment of debt. If the credit provider wins the case, a judgment will be made against you, which will be recorded on your credit report for 5 years. This information is publicly available, and can make it difficult to rent property or obtain employment.

If you’ve been blacklisted, it’s important to take steps to improve your credit score. You can start by paying off your debts and ensuring that you make your monthly repayments on time. You can also obtain a free credit report once a year from any of the credit bureaus to check for errors or inaccuracies, which can be disputed.

Remember, being blacklisted doesn’t mean you’ll never be able to access credit again. With some effort and dedication, you can improve your credit score and regain access to credit in the future.

Sharon-Rose Duminy 2024/03/01 Sharon-Rose Duminy 2024/03/01

What does being blacklisted mean on your credit profile?

The article discusses the concept of being blacklisted on your credit profile, which refers to having a negative record of not paying your debts or loans on time. It explains the consequences of being blacklisted, including difficulty in obtaining credit, a lower credit score, and added financial stress. The article emphasizes the importance of managing debts responsibly and seeking help if you are struggling to keep up with payments. It also touches on various options available to manage debts, such as debt counseling, debt consolidation, and debt settlement. Overall, the article aims to educate readers on the impact of being blacklisted on their credit profile and encourages them to take proactive steps to maintain a good credit score and manage their finances effectively.

When you are blacklisted on your credit profile, it means that you have a negative record of not paying your debts or loans on time. This can be due to a number of factors, including missed payments, defaults, and even debt review. The impact of being blacklisted can be significant, as it can make it difficult for you to obtain credit in the future. Lenders may see you as a high-risk borrower and may be less likely to offer you credit or may offer it to you at a higher interest rate. This can make it challenging to get a loan for a mortgage, car, or even a credit card.

One of the main consequences of being blacklisted is that it can have a negative impact on your credit score. Your credit score is a measure of your creditworthiness, and it is used by lenders to assess your ability to repay loans and other forms of credit. When you are blacklisted, it can lower your credit score, making it harder for you to get approved for credit in the future.

Another consequence of being blacklisted is that it can make it more difficult to manage your finances. If you have a history of missed payments and defaults, it may be a sign that you are struggling to keep up with your debts. This can lead to more financial stress and may even result in legal action being taken against you.

It's important to manage your debts responsibly and make sure you pay them on time to avoid being blacklisted. If you are struggling to keep up with your payments, it's important to seek help as soon as possible. There are a number of options available, including debt counseling, debt consolidation, and debt settlement. By taking action early, you can avoid being blacklisted and maintain a good credit score, which can be essential for securing credit in the future.

If you have any questions about debt you currently have, please feel free to reach out to a member of the Libertine Consultants team. We are here to provide you with judgment-free support and advice.

Sharon-Rose Duminy 2024/02/23 Sharon-Rose Duminy 2024/02/23

The process of applying for debt review

The article discusses debt review as a helpful process for individuals who are struggling with debt in South Africa. It outlines the benefits of debt review, such as making affordable monthly payments, protection from legal action, decreasing interest rates, decreasing credit life insurance, and improving credit score. The article : that debt review provides a structured plan to repay debts and helps individuals to regain control of their finances.If you are struggling with debt, applying for debt review could be a solution to help you manage your debts effectively. Here are the steps to apply for debt review:

Here are the steps to apply for debt review:

Find a reputable debt counsellor: Look for a debt counsellor who is registered with the National Credit Regulator (NCR) in South Africa. You can search for a registered debt counsellor on the NCR website.

Provide your financial information: Once you have chosen a debt counsellor, you will need to provide them with your financial information, such as your income, expenses, and debt obligations.

Undergo a debt review assessment: Your debt counsellor will assess your financial situation to determine if you qualify for debt review. They will also negotiate with your creditors to reduce your monthly instalments to a more manageable amount.

Sign the debt review application form: If you qualify for debt review, your debt counsellor will provide you with a debt review application form to sign.

Notify your creditors: Your debt counsellor will notify your creditors that you have applied for debt review and request a certificate of balance from them.

A court hearing: A court hearing will be scheduled to confirm your debt review application. Your debt counsellor will represent you in court.

Follow the debt review repayment plan: Once your debt review application is approved, you will need to follow the debt review repayment plan provided by your debt counsellor. This plan will outline your monthly payments and the duration of your debt review.

Do I need more advice about my current debt situation?

It is important to note that once you have applied for debt review, you will not be able to access credit until you have completed the debt review process. However, debt review offers many benefits, such as protecting you from legal action and helping you to regain control of your finances.

Sharon-Rose Duminy 2024/02/16 Sharon-Rose Duminy 2024/02/16

The benefits of debt review

The article discusses the concept of debt review, which is a legal process regulated by the National Credit Act in South Africa that helps individuals struggling with debt to manage their debts effectively. The article highlights the benefits of debt review, such as making affordable monthly payments, protection from legal action, decreasing contractual interest, decreasing credit life insurance, and improving credit score. The article concludes by emphasizing that debt review offers a structured plan to repay debts, protects individuals from legal action, and helps them regain control of their finances.

Debt review is a process that helps individuals who are struggling with debt to manage their debts effectively. It is a legal process that is regulated by the National Credit Act in South Africa. Debt review offers many benefits to individuals who are struggling with debt, such as:

Debt review allows you to make affordable monthly payments. The debt counsellor will negotiate with your creditors on your behalf to reduce your monthly instalments to a more manageable amount.

Debt review protects you from legal action. Once you have applied for debt review, your creditors are not allowed to take legal action against you. This means that they are not allowed to issue summons, repossess your assets or blacklist you.

Debt review helps you to decrease the contractual interest on your accounts thus allowing you to settle your account within the allocated time.

Debt review helps you to decrease your credit life insurance ensuring that most of your monthly goes to settlement of the capital on your outstanding debt.

Debt review helps you to improve your credit score. Once you have completed the debt review process, your credit score will improve. This means that you will be able to access credit in the future at a lower interest rate.

Do I need more advice about my current debt situation?

In summary, debt review offers many benefits to individuals who are struggling with debt. It provides a structured plan to repay your debts, protects you from legal action, and helps you to regain control of your finances.

Sharon-Rose Duminy 2022/01/09 Sharon-Rose Duminy 2022/01/09

How to recover from 2021?

December has come and gone. Many of us have long forgotten the looming January stress and responsibilities and all of a sudden school fees, bond payments and car payments are waiting for us around the corner. In this article, we would like to provide you with some useful information and tips on how to recover from the December fever stress-free.

Tip 1 Reflect, learn and move on

You should never regret a decision you made. Many of us spend too much time worrying about the past. Reflect, learn and move on. Mistakes are such useful experiences. It provides you with wisdom no amount of books, articles or videos can give you.

Tip 2 Reflect

A new year is a time when you can reflect on all your good and bad experiences. These experiences will help you make better decisions in the future. Do not allow yourself to focus on the negative, but look at the positive and lessons you learnt from the possible bad or good experiences.

Tip 3 Learn

Spend more time learning than talking. Their talk is cheap and this is true. Life is full of endless possibilities such as learning a new skill, language or even starting a new business venture you have been dreaming about. Never stop learning. Use things like Netflix, Youtube and so forth to improve your knowledge base.

Tip 4

Once you have reflected and learnt. It is now time to move on. Life is too short to stand in one place and expect to feel fulfilled. True happiness and satisfaction are not found in our comfort zone but look at nature. Birds, trees and the sea never stop moving forward creating beautiful and amazing things on their way.

If you have any questions about debt you currently have, please feel free to reach out to a member of the Libertine Consultants team. We are here to provide you with judgement-free support and advice. Need advice? We can assist with that too! Submit your inquiry to us via email advisors@libertineconsultants.co.za and we will provide you with sound insights on the best way forward. Be on the lookout for our Podcast that will be focused on empowering you and helping you on this journey.

Sharon-Rose Duminy 2021/10/14 Sharon-Rose Duminy 2021/10/14

What exactly is family mediation?

If you are looking up family mediation, odds are there are some issues within your family unit that need to be addressed. Or you may have a friend or family member that is in a difficult situation with their spouse or partner, and need help to get it resolved. This is when family mediation is a good option. However, even though this process is widespread and frequently used throughout South Africa, there are many people who don't quite know what it means and how it works. So, today we'll give you a clear and concise breakdown of how family mediation works in the South African context.

The definition of family mediation

In essence, family mediation is a process that offers a family who are in conflict the option to settle their disputes outside of the legal system in an efficient, and cost-effective way. This option is open to parties who stand in a relationship with one another, and wish to take care of their problems in a way that does not get any costly lawyers involved or add stress by going straight to the courts. It is also often referred to as ADR, or 'alternative dispute resolution'. Another benefit of this route is that it is more informal, which makes it a less stressful option, especially if there are children or minors involved.

What does a mediator do?

A mediator is normally a family attorney, psychologist, or social worker. This is a completely neutral, third-party facilitator who does not have any vested interest in how a given matter is resolved, and is tasked to take an impartial, holistic view with regard to a given set of circumstances. The mediator sits in on sessions with all the parties involved, and facilitates their discussion in order to keep communication from breaking down due to emotional outbursts or deadlocks. They guide the conversation, ask questions, and guide the discussion back to the matter at hand if it veers off course.

Are there lawyers involved in family mediation?

No, not at the start of the family mediation process. Although certain mediators are trained family lawyers, they will not be a part of the proceedings in their capacity as a lawyer in this case. If and when deemed necessary, lawyers can however be included in the mediation sessions at extra cost to the client.

How can I find out more about family mediation in South Africa?

Now you know! If you would like to find out more about family mediation, and how it could be of benefit to you, please feel free to reach out to a Libertine Consultants representative. We are here to ensure that you have all the information you need to pave the way for respectful conflict resolution. Need legal advice? We can assist with that too! Submit your legal inquiry to us via email advisors@libertineconsultants.co.za and we will provide you with sound insights on the best way forward. In the meantime, keep an eye on our YouTube channel to get more practical advice on managing your finances in a way that allows you and your family to thrive despite current economic challenges

Sharon-Rose Duminy 2021/09/20 Sharon-Rose Duminy 2021/09/20

4 Important things to consider before you apply for credit

Applying for credit is such a commonplace thing that many of us view it as a rite of passage these days. After all, you need to have credit to become credit-worthy, right? Well, to a certain extent this sentiment is true. Credit bureaus and banks look at how you handle your debt in order to know if you could handle more. Or at least, they are supposed to. However, credit applications should never be done on a whim. Here are four things you need to consider before you apply:

APPLYING FOR CREDIT? CONSIDER THESE 4 THINGS CAREFULLY

Is this a need or a want?

Take some time to consider the reason why you need to extend your line of credit. What do you plan to use it for? You need to distinguish between a ‘need’ and a ‘want’. For instance, taking out credit for your studies or to buy a car to get to work is one thing, while doing so to cover the cost of a holiday or a fancy new AV set-up for your home is something else.

Could I rather save up for this rather than take out credit?

It’s no fun to wait for the things you want, we know. However, when it comes to nice-to-haves like air fryers, luxury luggage, and top-notch gaming consoles, it’s best to save up rather than take on credit. This is the tricky bit about being a grownup – you have to make choices like these to manage your money effectively.

What should happen if I lose my job?

Would you be able the cost of the repayments of the credit you plan to take on even if you got laid off tomorrow? Do you have enough savings to keep you coasting until you could find another gig? The economy is pretty unstable at the moment, and if you plan to add to your monthly expenses, you need access to liquid savings to cover repayments if things should go awry.

Do I need more advice about my current debt situation?

If you have any questions about debt you currently have, please feel free to reach out to a member of the Libertine Consultants team. We are here to provide you with judgement-free support and advice. Best of all, you can get R300 off our credit clearance services if you refer a family member or friend, and existing clients get 5% off their full outstanding balance.

Need legal advice? We can assist with that too! Submit your legal inquiry to us via email advisors@libertineconsultants.co.za and we will provide you with sound insights on the best way forward.

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The ABCs of debt review

If you are new to debt review, the process can seem daunting we know. Where do you start? And how does it all work? At Libertine Consultants, we know that it can all be a bit much. This is why we've decided to share the gist of what you need to know right here.

What exactly is debt review/debt counselling?

Debt review, also referred to as debt counselling, is a form of debt rehabilitation that allows a consumer to settle his/her debt obligations and get on an even keel with their creditors with the help of an accredited debt counsellor and a payment agency.

Do I qualify for debt counselling?

Are you unable to make all of the monthly instalments required by your creditors? If your answer is yes, you quality for debt counselling. Please note that juristic persons (i.e. companies) are not eligible for debt review. Only private individuals (i.e. living, breathing humans) quality for this support.

YOUR STEP-BY-STEP GUIDE TO DEBT REVIEW

Consult a debt counsellor, e.g. a member of the Libertine Consultants team. The debt counsellor assists you to create a new monthly budget that considers all your basic needs, e.g. rent, food, electricity, school fees, etc. The debt counsellor reaches out to your credit providers to get all the information on your existing debts. Together, you draw up a new repayment plan, and send it to your creditors. Your credit providers agree to the repayment plan, or make a counter proposal. You start to pay your new reduced monthly amount via a PDA <what does this stand for?> Court documents are created on your behalf including your repayment plan and the responses from your creditors. You sign a confirmation affidavit for the court. The court considers the plan, along with the responses from your creditors, and creates a court order. You continue to pay the restructured amount every month. The PDA provides statements to this effect on your behalf. Once smaller debts are paid off, the funds that become available are put towards bigger debts. Once all your debt is settled in this systematic way, you are free to leave debt review. You will be issued with a clearance certificate and all the relevant credit bureaux will be notified. At this point, you will be eligible for credit again, if you see fit.

Still have a few questions about the process?

This is the short and sweet explanation of what debt review is and how it works. If you have any further questions about this process, please feel free to reach out to a member of the Libertine Consultants team. Remember, this is what we do every day; our team will be able to provide you with good advice.

Best of all - if you contact us before the end of August 2021, you can take advantage of discounted rates on our credit clearance services. New clients get 15% off, and existing clients get 5% off their full outstanding balance. We are also offering family mediation sessions at a discounted rate of R500 per hour, so bear that in mind if you or any of your friends or family members could benefit from this offer. Need legal advice? We can assist with that too! Submit your legal inquiry to us via email advisors@libertineconsultants.co.za and we will provide you with sound insights on the best way forward.