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Debt review home loan settlement

Questions & AnswersCategory: Debt ReviewDebt review home loan settlement
Anonymous asked 2 years ago

We are under debt review for 7.5  years and home loan was R1 180 000.00 that we loan a few years prior to us going under debt review. We now want sell the house is this the biggest debt we have. I the home loan is settled we than can settle the smaller debts. However the bank now requires R 1700 00 as at last year 2015 to settle the house. How do we ever reduce the amount if it keeps escalating. Does this mean we stuck for life. Is there a another home loan debt review department that we can contact to get a reduced settle met figure. We have now lost out on the sale of the home with Two (2) qualified buyers. Looking forward to your reply: Anonymous

1 Answers
Wikus Olivier Staff answered 2 years ago

Hi there.

Thank you for your question.

When making payments it is important to make sure that the amount you pay is more than the interest that gets added on a monthly basis. If you don’t cover the interest the amount will just grow and grow and grow.

Ask your bank for a detailed statement of all payments received. Make sure that the interest rate they applied is correct. Also make sure that the amount you pay is sufficient to reduce the capital. If this is not the case, your debt counsellor has not done a good job in making sure that you will eventually become debt free. Selling the property is a good idea if you can get enough to settle everything.

Have a great day.