Although budgets continue to be tight for South Africans, the majority of consumers appear to be attempting to take their debt in hand, with a slight improvement in credit health. According to the latest TransUnion SA Consumer Credit Index (CCI) for the third quarter of this year, the repayment behavior of consumers improved to some…
We’re at the beginning of a rising interest rate cycle, so you could be forgiven if you are feeling a little cash-strapped. Or maybe you can’t wait six months to pave your driveway and the idea of a personal loan is becoming increasingly tempting? Stop. Before you race off to the nearest bank or micro…
A financial needs analysis is carried out by a qualified financial planner to ascertain the current state of your finances and your financial needs. It is not an invasion of your privacy but ensures that you are not sold any particular financial product without an overall assessment of your finances. For example, 20 years ago,…
If you’re suffering the effects of a holiday spending spree, we have a five-point plan to get you back on track. Neesa Moodley-Isaacs walks you through your January financial hangover recovery plan. 1. Budget: write down an accurate and honest list of your expenses and income. Use your recent bank statements, invoices and receipts as…
During financially stressful times, it may seem easy or tempting to dip into your access bond to tide you over until things get better. However, this is not the answer and before you approach your bank, make sure you know the difference between an access bond facility and a re-advance on your home loan. Mtimkulu…
This weekend, you should have received your December bonus, if you were lucky enough to get one. If you haven’t already spent it rashly in a holiday fever, make sure that you make the most of your windfall so that your money works for you. Most people head into the festive season hoping to have…
At least 48.4% of credit-active women are in financial distress. Women are renowned for their love of shopping. Recent statistics from the credit bureaus back this up, showing that 48.4% of South Africa’s credit-active women have negative information – such as defaults or failure to make regular repayments – on their credit records. Robyn Farrell,…
Your home loan is the single biggest debt you will ever take on, which is why you should do your best to pay as little interest as possible on it. A home loan is commonly regarded as “good” debt because you are buying an appreciating asset and, over the term of a typical home loan…
The credit ombud’s office has been given the added responsibility of handling complaints related to the debt review and debt counselling process, and has received a flood of such complaints – in one case the ombud prevented a bank from auctioning a woman’s house. The credit ombud, Manie van Schalkwyk, has had an influx of…
Under the National Credit Act (NCA), there are limits on how long certain information can remain on your credit profile. The types of information and their time limits are: The details and results of any disputes lodged by you about information on your credit profile: 18 months. Inquiries made regarding your credit record, including the…
