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.

How are you guys holding up? Over here at Libertine Consultants we are working hard to ensure that our clients are able to keep things on an even keel throughout the third wave of COVID-19 that is rushing through SA like wildfire as frosty winter temperatures take hold.

We all knew it was coming, but that does not make the newly tightened lockdown measures any easier to deal with. The economy continues to take a hit, which means that companies are forced to make more job cuts, many employees are being put in a position where they need to take pay cuts, and yet the price of things like fuel, food and electricity continues to rise.

It’s a perfect financial storm. In fact, many South Africans are now in a position where up to 60% of their monthly income goes towards servicing debt, or they find themselves having to take out loans just so their debit orders won’t bounce month after month. This is not sustainable, but what exactly is the alternative?

At Libertine Consultants we prefer to look on the bright side – we are in the business of helping people regain control of their finances to live more prosperous lives, after all. However, it’s also important to be realistic, and at the moment South African consumers have to be cognisant of the fact that COVID-19 had a big impact on our economy.

Recent findings by credit bureau TransUnion indicate that more than 80% of respondents are concerned about their ability to pay bills and loans, and more than 50% of households have not recovered from the financial impact that lockdown had on their income.

If you fall into this category, you’ll know that a sudden and unexpected decrease in income can seriously derail your financial trajectory and long-term goals. In fact, it could even affect your family to the point where you need to make difficult decisions about basic expenses like rent, tuition fees and even groceries.

As an employer, it can be tempting to think that every employee's financial wellbeing is their own business, and that issues in this regard should not affect your company. However, employees are complex human beings. Just because they are employed in a professional capacity at your place of business, does not mean that any financial stress they carry will not have a ripple effect.

Helping your worker to take care of their financial health holds countless benefits for your business. When a person who works for you feels secure and able to take care of all their responsibilities, they are free to devote all their mental energy to the daily tasks at hand, and really bring their A-game every day.

On the other hand, if they are under severe pressure because they are in debt, or unable to make ends meet due to inadequate budgeting, etc., it can lead to increased healthcare expenditures, low levels of productivity, and absenteeism.

This all adds up to reduced profitability, and a compromised company culture. With so much at stake, it only makes sense to support your team when it comes to managing their income and making wise financial choices.

Here are a few steps to take when you want to provide your employees with the option of receiving support in terms of the management of their personal finances:

Do you have your last will and testament in place? Chances are if you are still young, unattached, living by yourself and generally enjoying a carefree lifestyle, it's not very high on your list of must-deal-with priorities. In fact, it might not even be on your radar at all.

Most of us only start worrying about this kind of paperwork once we've walked down the aisle, ducked the confetti, and settled down to raise some kids and/or fur babies. However, you should ideally have your will sorted even before then, for a number of important reasons. This includes the following;

When a family member passes away the law is often the last thing you want to be thinking about. However, when a person dies and leaves property and a will, there are certain important steps to take to ensure that their possessions can be passed on in the right way.

Deceased estates can become an admin conundrum, but at Libertine Consultants we go out of our way to make new laws understandable for our clients. Take a look below to learn more about deceased estates in South Africa and how it should be reported:

If you are renting a flat or house in South Africa during lockdown, you may have wondered if the amended Disaster Management Act regulations changes your understanding with your landlord – especially if your income has been affected by the pressure on the economy.

Things have been pretty confusing lately, but at Libertine Consultants we go out of our way to make new laws understandable for our clients. Take a look below to learn what the law says about renting during the national state of disaster, and what that actually means in practical terms:

As we head into the new year, many South African consumers remain on the backfoot where the financial impact of the COVID-19 pandemic is concerned.

While there may be a glimmer of light at the end of the tunnel in the form of a trail vaccine, as well as a reopened economy, most people are still nervous about the possibility of further lockdown measures, as well as the effect curtailed economic activity has had on their income throughout 2020.

Working at a debt review agency like Libertine Consultants can be a little strange at times – for one thing, unlike other businesses, we see it as a good thing when our clients don’t need us anymore. For most companies that would mean they did something wrong, but in our line of business it means we did our job well, and our clients are now free to go on and live their lives free from the shadow of debt.

In the course of providing over-indebted South Africans with our comprehensive range of debt services and credit services, there are a few things we are asked almost every day. One of the most frequently asked questions is ‘what happens once I have my debt review clearance certificate?’.

This makes sense; after all, when you take the big step of admitting that you need help to regain control of your finances, you want to know when you will be able to take that big sigh of relief and get on with living your life. So, in short, here’s what you need to know:

If, like many South Africans, you are currently feeling the effects of the curtailed economy and wondering how you’re going to keep up with your debt repayments in months to come, you may be considering debt consolidation services.

At Libertine Consultants, we understand that this is not an easy decision to make. When you choose to apply for debt consolidation, you are admitting to yourself and the world at large that you need help to manage your finances, and this can be very tough. However, we’re here to tell you that it is perhaps the bravest thing you can do.

Let’s not beat around the bush, it’s been a tough year. Nations around the globe are feeling the effects of curtailed economies due to the impact of shutdown initiatives to curb the spread of the COVID-19 virus. South Africans, in particular, have had to adopt to some of the most stringent lockdown regulations put in place the world over.

A survey by Gallup in 2019 found that only 32% of Americans maintain a household budget. Roughly half of Americans are living paycheck to paycheck, meaning many of us have to get creative in how we shop for things like groceries, clothes, and entertainment.

Living on a shoestring budget can be stressful, but it is possible with some of these creative tips to shop and make the most of what you have.

Having a child is an enormous responsibility, especially when it comes to securing their academic future. If this was not apparent enough before, it is certainly become even more so since the economic impact of the COVID-19 lockdown in South Africa has started to make itself known.

Many parents who were capable of meeting all their financial responsibilities before lockdown commenced, suddenly found themselves in a position where they had to set up meetings with school representatives to structure payment plans due to salary cuts, or outright retrenchment. All of this at a time when schools were closed to curb the spread of the virus and safeguard the most vulnerable members of our community, and parents were left with the added responsibility of home-schooling their children for more than a term.

In short – if you haven’t made provisions for your child’s academic future yet, now is the time to do so. Here are a few things you should consider when you address your family’s budgetary planning in this regard:

COVID-19 lockdown measures may have been relaxed to a certain extent as the country ease into Level 3, but for many consumers that won't mean the strain on their finances will suddenly become any less disruptive. Most of the 'payment holidays' that were announced by SA banks in March will cease at the end of June, but the knock-on effects of an economy in hibernation have only really started to emerge.

The unprecedented spread of COVID-19 has had a wide-reaching impact on individuals, businesses and communities in South Africa. The drastic but necessary measures taken by the government to prevent the spread of COVID-19 has had a profound impact on the financial position of most South Africans. To this end, most major banks are offering a measure of payment relief to their customers.

Here follows a summary of the responses of major SA banks up to date:

President Cyril Ramaphosa addressed the nation via live broadcast from the Union Buildings in Tshwane last night, stating that the country will go in full lock-down mode from midnight on Thursday 26 March 2020, until midnight on Thursday 16 April 2020. This 21-day lockdown has been put in place to prevent the rapid spread of the COVID-19 virus, which could cripple our healthcare system if person-to-person transmissions continues at the current rate.

In short – things just got very real. There are many South Africans who will feel the financial repercussions of a lockdown of this scale for months, if not years, to come. Naturally, this is something the government understands all too well. To this end, certain measures have been put in place to ensure that the fall-out of this bold, yet completely necessary, decision are contained and minimised as far as possible.

Here are a few important things to know about money matters as we head into lockdown mode this coming Thursday:

Hi there – how are you doing? Are you okay? It’s a pretty strange time right now and at Libertine Consultants we understand that most people are under a lot of stress.

The impact of the COVID-19 pandemic that is sweeping the globe seemed a far-off threat until it reached our shores and became a stark reality in recent weeks. The moment when President Ramaphosa announced the state of emergency on live air on Sunday 22 March will definitely be etched in our minds as a nation forever. As we prepare to potentially face even more stringent measures to control the spread of the disease, it can seem impossible not to panic. However, at times like these it can be helpful to focus on the things you can control – like your finances.

Here are a few ways to manage your money to avoid extra financial stress during the COVID-19 pandemic:

If addressing your credit record is on your must-do list for 2020, you are not alone. Economic pressures are more intense than ever before, as South Africa's household debt reached 151.8 USD billion in September in 2019, compared with the reported number of 153.7 USD billion in the previous quarter. To put this into perspective – this number tell us that if all the household debt held by South Africans were to be split equally among all of our country’s citizens, each of us would owe the bank at least R40 000.

Having a good credit record is a lot like having a golden ticket to visit Willy Wonka's chocolate factory - the world is your oyster. When your credit history shows potential creditors that you know how to manage your finances, it's far easier to secure loans for big, necessary expenses like buying a house or paying for tuition.

At Libertine Consultants we understand that maintaining an optimal credit score is often easier said than done – there are many financial pressures that play a role in our everyday lives. Fortunately, there are ways to improve your credit rating if it’s currently not quite ideal. Here are a few expert tips from our team of passionate debt counsellors:

4 THINGS YOU CAN DO TO IMPROVE YOUR CREDIT SCORE IN SOUTH AFRICA

A bright new decade is on the horizon, and as it dawns there are many folks out there who are getting ready to welcome a new member to the family, or preparing to send their children off to school. It’s such an exciting (yet daunting) part of the journey of being the parent – the big step you step take alongside your child when they leave your home to receive an education and make their way into the world.

It also happens to be quite expensive. According to recent projections by Liberty Group Limited, it can cost as much as R2,023,000 for one South African child to receive private schooling, and R701 000 for public schooling. This cost excludes extra expenses such uniforms, textbooks, stationery, transport, extramural activities, and accommodation. That is a lot of money in anyone’s book.