Tag Archives: debt consolidation loan

The importance of Debt Consolidation Loans

Debt consolidation and debt consolidation loans, often in the form of a credit card debt consolidation loan can offer extremely worthwhile debt solutions for anyone who’s experiencing debt problems on a number of different fronts. They can be especially beneficial if you want to avoid bankruptcy and falling under administration.

It’s not hard these days to find many different ways in which it’s possible to run up debt. In fact most people suffering debt problems have ‘robbed Peter to pay Paul’ at some stage. They’ve spread their borrowing across a variety of sources. As repayments becomes difficult through one form of borrowing, say a credit card for example, then it’s often possible to turn to another card or alternative form of borrowing to manage the existing debt. Unless you are extremely careful it won’t be long until you are caught in a web of increasingly unmanageable debt on a number of fronts – store cards, mortgages, unpaid bills and additional credit cards debts all maxed out to try and pay off the others. Before you know it you are owing money left right and centre, with different amounts to different lenders piling up.

It’s also likely that the interest rates on some of your borrowing, credit cards or overdrafts will far exceed rates on other types of borrowing. Of course, it makes sense to be paying the lowest rate possible. This is where debt consolidation and debt consolidation loans come in useful as a debt solution that can help simplify and lower the cost of your repayments.

The basic concept behind debt consolidation is that it pulls all your respective loans together into a single manageable debt solution. A single loan such as a credit card consolidation loan can prove to be a powerful weapon in fighting off the need to enter into bankruptcy.

Planning for debt consolidation means clear, careful and accurate budgeting, as you will need to be able to commit to an agreed repayment amount over an agreed period of time. Realistic planning is important. If you miscalculate and find yourself unable to maintain your new consolidated repayments, you run the risk of falling into even deeper debt trouble.

Take professional advice to look at how you can consolidate your debts and manage your repayments effectively.

The importance of Debt Consolidation Loans

ebt consolidation and debt consolidation loans, often in the form of a credit card debt consolidation loan can offer extremely worthwhile debt solutions for anyone who’s experiencing debt problems on a number of different fronts. They can be especially beneficial if you want to avoid bankruptcy and falling under administration.

It’s not hard these days to find many different ways in which it’s possible to run up debt. In fact most people suffering debt problems have ‘robbed Peter to pay Paul’ at some stage. They’ve spread their borrowing across a variety of sources. As repayments becomes difficult through one form of borrowing, say a credit card for example, then it’s often possible to turn to another card or alternative form of borrowing to manage the existing debt. Unless you are extremely careful it won’t be long until you are caught in a web of increasingly unmanageable debt on a number of fronts – store cards, mortgages, unpaid bills and additional credit cards debts all maxed out to try and pay off the others. Before you know it you are owing money left right and centre, with different amounts to different lenders piling up.

It’s also likely that the interest rates on some of your borrowing, credit cards or overdrafts will far exceed rates on other types of borrowing. Of course, it makes sense to be paying the lowest rate possible. This is where debt consolidation and debt consolidation loans come in useful as a debt solution that can help simplify and lower the cost of your repayments.

The basic concept behind debt consolidation is that it pulls all your respective loans together into a single manageable debt solution. A single loan such as a credit card consolidation loan can prove to be a powerful weapon in fighting off the need to enter into bankruptcy.

Planning for debt consolidation means clear, careful and accurate budgeting, as you will need to be able to commit to an agreed repayment amount over an agreed period of time. Realistic planning is important. If you miscalculate and find yourself unable to maintain your new consolidated repayments, you run the risk of falling into even deeper debt trouble.

Take professional advice to look at how you can consolidate your debts and manage your repayments effectively.

Debt consolidation loan

A few credit providers and financial institutions offer a debt consolidation loan. These are taken out by individuals who have incurred a individual debts, and a debt consolidation loan aims to help pay the debts off by paying only one major loan.

First let us explain what a debt consolidation loan is. You must remember that this is still a loan that you are taking out, but the advantage with it is that you take out a single loan in which you will now include all your high-interest loans such as credit card and personal loan and hire purchase debts.

Debt consolidation is mostly taken out by taking another home loan that will cover your existing debt. This leaves you with only servicing one loan with a possibility that the interest rate on this will be much lower. Credit providers will also be able to remove your blacklisting or judgement and clearing your credit record.

Another advantage is that if you are in danger of defaulting on your other payments, by taking out a debt consolidation loan you are able to immediately pay them off. To apply click here

You will have to realize that this will work for a few people and not everyone should take out such a loan. For instance if you will not be able to pay off this long term loan.

 

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Old Mutual Debt Consolidation Loan using My Money Plan

Old Mutual has a product which helps it’s clients to take out a Debt Consolidation Loan called My Money Plan. The My Money Plan financial product will help you reduce your debt by reducing charges and will also give you regular cash payouts.

The My Money Plan from Old Mutual consolidates your debt by combining it into one lower interest payment.

To qualify:

  • You must be older than 18 years of age
  • You need to be a resident of South Africa
  • You must have a valid South African ID document (Green, bar coded, 13 digit)
  • You must provide a current payslip no older than 1 month
  • You need to provide consecutive bank statements for the last 3 months
  • You need to have been employed for at least 12 months at your current job
  • Only individuals can apply for a consolidation loan

The interest rate applied  will be determined by your current credit score.

Contact Old Mutual and see if you qualify.

Old Mutual Debt Consolidation  Old Mutual Debt Consolidation Loan using My Money Plan Old Mutual Debt Consolidation 300x97

Old Mutual Debt Consolidation

Old Mutual Debt Consolidation Loan using My Money Plan

Old Mutual has a product which helps it’s clients to take out a Debt Consolidation Loan called My Money Plan. The My Money Plan financial product will help you reduce your debt by reducing charges and will also give you regular cash payouts.

The My Money Plan from Old Mutual consolidates your debt by combining it into one lower interest payment.

To qualify:

  • You must be older than 18 years of age
  • You need to be a resident of South Africa
  • You must have a valid South African ID document (Green, bar coded, 13 digit)
  • You must provide a current payslip no older than 1 month
  • You need to provide consecutive bank statements for the last 3 months
  • You need to have been employed for at least 12 months at your current job
  • Only individuals can apply for a consolidation loan

The interest rate applied  will be determined by your current credit score.

Contact Old Mutual and see if you qualify.

Old Mutual Debt Consolidation  Old Mutual Debt Consolidation Loan using My Money Plan Old Mutual Debt Consolidation 300x97

Old Mutual Debt Consolidation

FNB

FNB Debt Consolidation Loan  FNB FNB Debt Consolidation Loan

First National Bank (FNB of South Africa) offers debt consolidation through their Easy Loans product. Just like other debt consolidation loans available from other credit providers and financial institutions, FNB works in the same way as in you take out a single loan that you will pay off with one interest rate instead paying off debts with usually higher interest rates such as credit cards. This also serves to improve your credit score if you are a blacklisted individual.

As with all consolidation loans, you need to be in a pressing situation that requires that you pay off other debts immediately, although this is not a requirement, to avoid defaulting on them. Consolidating your debts helps in helping you breathe easier and manage payments by helping you make one payment for all your major debts.

FNB debt consolidation loan is calculated by First National Bank and estimates what your potential monthly repayments are based on your risk profile and other FNB loan terms.

Here is a quick guide to whether you qualify:

  • You must be permanently employed
  • You must be a permanent resident of South Africa
  • You must be between 18 and 65 years old
  • You must have a monthly take home of R700 after all your monthly financial obligations including the newly added consolidation loan

Other documentation is pretty much what you know you must bring, such as payslip and proof of residence.

You can walk into any Easy Plan FNB branch or contact them on 087 320 4321.

FNB

FNB Debt Consolidation Loan  FNB FNB Debt Consolidation Loan

First National Bank (FNB of South Africa) offers debt consolidation through their Easy Loans product. Just like other debt consolidation loans available from other credit providers and financial institutions, FNB works in the same way as in you take out a single loan that you will pay off with one interest rate instead paying off debts with usually higher interest rates such as credit cards. This also serves to improve your credit score if you are a blacklisted individual.

As with all consolidation loans, you need to be in a pressing situation that requires that you pay off other debts immediately, although this is not a requirement, to avoid defaulting on them. Consolidating your debts helps in helping you breathe easier and manage payments by helping you make one payment for all your major debts.

FNB debt consolidation loan is calculated by First National Bank and estimates what your potential monthly repayments are based on your risk profile and other FNB loan terms.

Here is a quick guide to whether you qualify:

  • You must be permanently employed
  • You must be a permanent resident of South Africa
  • You must be between 18 and 65 years old
  • You must have a monthly take home of R700 after all your monthly financial obligations including the newly added consolidation loan

Other documentation is pretty much what you know you must bring, such as payslip and proof of residence.

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You can walk into any Easy Plan FNB branch or contact them on 087 320 4321.

Consolidate your debt using your Absa Home Loan with Absa FurtherAdvance

ot many people can find this information as Absa does not directly or explicitly tell their customers that this is their Debt Consolidation plan/product. Yes, sure, you can use the money you get from this loan to pay off your other debts or make further purchases. If you would like to read up on what and how loan consolidation pleaseread here.

Absa differs from other financial institutions and credit providers in that your home has to actually be worth the entire home loan including the extra loan amount you are requesting. For example, if you have an existing home loan with Absa and it’s worth R 300, 000 and are requesting R 100, 000 then your home will have to be evaluated at worth over R 400, 000. This is according to their conditions for taking out the Absa FurtherAdvance product.

But not to fret, you can actually use these funds as you see fit (which the NCR hopes is spent well).

Debt Consolidation with SA Home Loans

 

SA Home Loans hopes you will do what they term “a switch” in order for you to have access to their debt consolidation loan. They have a rather solid track record as a lender home loan provider and claim over 100 000 clients. They give solid advice and ask their clients to consider how they will be spending the cash they get from doing a debt consolidation with SA Home Loans.

Contact SA Home Loans and ask for them to switch your home loan in order to get a home loan with them and get access to debt consolidation.

You can contact them 0860 2 4 6 8 10 and ask to switch your home loan to them. The interest rates will be discussed and calculated in their entirety so be sure to weigh their rates, it is worth it.

Switching is not as expensive as you might think and a competitive solution from SA Home Loans might save you from getting a bad credit record.

Debt Consolidation with SA Home Loans

 

SA Home Loans hopes you will do what they term “a switch” in order for you to have access to their debt consolidation loan. They have a rather solid track record as a lender home loan provider and claim over 100 000 clients. They give solid advice and ask their clients to consider how they will be spending the cash they get from doing a debt consolidation with SA Home Loans.

Contact SA Home Loans and ask for them to switch your home loan in order to get a home loan with them and get access to debt consolidation.

You can contact them 0860 2 4 6 8 10 and ask to switch your home loan to them. The interest rates will be discussed and calculated in their entirety so be sure to weigh their rates, it is worth it.

Switching is not as expensive as you might think and a competitive solution from SA Home Loans might save you from getting a bad credit record.