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Debt Consolidation

Rudolph asked 3 months ago

Hi I would like to know if there exist a debt consolidation or loan company that consolidate your debt, loan you the money pay all acounts and you just pay them back. I have tried debt counciling and got a good offer but all of these companies seems to take the first payments for whatever costs they charge you after 8 months all of the places I owe money started phoning me ecknowlageing that they know im under debt review but still have not receive any payment…. I stoped payments and contacted all owed companys and made arrangements but because I dont have the right legal help I do pay less than originally asked but still to much and cant afford it and have to deal with rude athorneys that does not understand if you dont have enough money to pay a big amount im looking for a company that is willing to loan the amount needed to settle all acounts and only pay them back also have personal debt with poeple id like to settle. acording to ITC im still under debt review wich im not so its impossible for me to get a personal loan anywhere i am permanatly employed and married please assist thank you

1 Answers
Carien Kruger Staff answered 3 months ago

Good day, 

Thank you for getting in touch. 

It sounds like you are looking for a consolidation loan company – we are a Debt Review company so we do not issue loans.  

We would advise you to take caution when taking out a loan to consolidate your debt. With consolidation loans, you only shift your debt from one place to another. The loan-based consolidated instalment seldom brings sufficient cash flow relief. This is mostly because interest rates offered on consolidation loans are still high and consumers in their individual capacity seldom have the bargaining power to reduce interest rates or extend payment periods. Plus, if you’re already falling behind on your repayments you probably wouldn’t qualify for a consolidation loan. And lastly, consolidation loans offer zero legal protection of your assets against repossession. 

Regarding your Debt Review that is listed on your credit profile. What you must also keep in mind is that your Debt Review will be listed on your credit profile until a Form 19 (Clearance Certificate) is issued. This can only happen when; 

1. all your debt has been settled, or
2. you have brought arrears up to date and are able to pay original instalments. (If however you already have a Court Order by the Debt Counsellor you will have to rescind the Court Order by proving to the magistrate that you are no longer over-indebted). 

Kind regards